Toward a resolution of the cost of equity conundrum in the lodging industry: a conceptual framework

The firm value estimate is derived from accounting and finance practices that focus on physical assets as opposed to intangible assets (Arthur Andersen Hospitality Leisure Executive Rep. 5 (1998) 2). The cost of equity estimation models used in firm valuation and capital investment decisions fall short of tapping important constructs to firm value, especially the intangible ones. The purpose of this study is to assess the present cost of equity capital determination models and provide a view of their relevancy for the lodging industry while simultaneously attempting to propose new options to meet the valuation and capital budgeting needs of the lodging industry.     

Incidental Trips and Aquarium Benefits

This recreation demand study empirically tests the complementary nature of destination travel and single-day trips. Day-trips to North Carolina aquariums are treated as incidental to the primary destination trips to the North Carolina coast. Visitors would not have taken day-trips if the primary purposes of the vacation trips had not been taken first. Applying the individual travel cost method, a demand function is estimated with Poisson regression. The consumer surplus is $21.73 per aquarium trip.     

Activity outsourcing and competitive strategy in the hotel industry. The moderator role of asset specificity

This paper analyzes hotel outsourcing from the perspective of the competitive strategy and asset specificity. A comprehensive model is developed to establish the relationships among the competitive strategy (cost leadership and differentiation strategies), asset specificity and activity outsourcing. Asset specificity is used as a moderator variable in the relationship between the competitive strategy and activity outsourcing. A specificity-outsourcing matrix is developed to classify the activities by their level of asset specificity and outsourcing. The main hotel activities are investigated in a representative sample of hotels in Taiwan. The findings indicate that the cost leadership strategy positively and partially influences outsourcing, while the differentiation strategy has a negative impact on outsourcing an activity. The results confirm the negative relationship between asset specificity and the level of activity outsourcing. Moreover, they show that asset specificity positively moderates the relationship between the competitive strategy and outsourcing.     

制造企业制造和财务环节物流成本管理优化初探

企业物流成本管理是一项系统工程，必须从战略的高度，从制造环节和财务管理环节制定相应策略，以达到优化制造企业物流成本管理的目的。     

完善企业项目成本管理之我见

企业工程项目成本管理是当前亟待解决的一个重要问题。项目成本管理是对工程项目建设中所发生的各项成本,有系统地进行预测、核算、分析等一系列的科学管理工作。通过分析其存在的问题,提出了加强和完善企业工程项目成本管理的对策。     

Cost and outcomes associated with rivaroxaban vs enoxaparin for the prevention of postsurgical venous thromboembolism from a US payer’s perspective

Abstract

Objective:

The objective of this analysis was the evaluation of the outcomes and costs associated with rivaroxaban and enoxaparin for the prevention of postsurgical venous thromboembolism (VTE) in patients undergoing total hip replacement (THR) and total knee replacement (TKR) from the US payer perspective.

Methods:

VTE event rates have been reported in three Phase III clinical trials that compared rivaroxaban and enoxaparin for VTE prevention after orthopedic surgery during the prophylaxis (≤35 days for THR patients and 10–14 days for TKR patients) and post-prophylaxis periods (≤90 days following surgery). These data were used in this decision-analytic model to estimate and compare health outcomes and costs associated with rivaroxaban and enoxaparin. The base-case analysis considered the number and costs of symptomatic VTE events during the prophylaxis period only. A 90-day horizon was considered in the sensitivity analysis.

Results:

Following THR, when extended durations of prophylaxis (35 days) were compared, rivaroxaban was associated with lower costs than enoxaparin, with total saving costs of $695/patient. When an extended duration of rivaroxaban prophylaxis (35 days) was compared with a short duration (10–14 days) of enoxaparin prophylaxis, rivaroxaban was estimated to prevent 9.9 additional symptomatic VTE events per 1000 patients, while saving $244/patient (rate/1000 patients). In the TKR population, short duration of rivaroxaban prophylaxis was estimated to prevent 13.1 additional symptomatic VTE events per 1000 patients. It was also less costly than short duration enoxaparin prophylaxis, with a saving of $411/patient (rate/1000 patients).

Limitations:

Only statistically significant differences were captured in the base-case economic analysis, and, therefore, differences in pulmonary embolism (PE) and bleeding events were not captured.

Conclusions:

In this model, rivaroxaban reduced total treatment payer costs vs enoxaparin for the prevention of VTE in THR or TKR patients.     

Clinical simulation model of long-acting opioids for treatment of chronic non-cancer pain in the United States

Abstract

Objective:

To evaluate costs and outcomes associated with initial tapentadol ER vs oxycodone CR for the treatment of chronic non-cancer pain (CNCP) in the US.     

国有企业高管薪酬、公司治理与费用粘性

代理问题是我国国有企业费用普遍存在"粘性"的主要成因,而高管薪酬激励被认为是缓解代理问题的重要机制。鉴于此,笔者实证检验了国有企业高管薪酬激励对费用粘性的影响。结果发现:国有企业存在费用粘性,并且该现象主要源自管理层的机会主义行为;高管薪酬激励有助于缓和代理问题引起的费用粘性,同时良好的公司治理环境能够增强高管薪酬激励在降低费用粘性时的效果。进一步的研究发现,高管薪酬激励作用的发挥因国有企业控制层级的不同而存在差异。     

论税收依据

以往评鉴税收依据的学说都存在一定缺陷。应从考察组织存在的必要性和国家起源入手，建立以国家类型、国家与公民关系和不同的观察视角为要素的分析框架。探究税收产生和存在的原因乃因为它是社会组织弥补运行费用的交易成本最低的方式，是国家作为社会组织的最高形态运行的内在经济逻辑要求。     

城市公共服务市场化与定价管制

投资博弈模型表明,在城市公共服务产品的价格无法预知的条件下,只有给投资商预定的利润率才能吸引资本进入,而预定的利润率却进一步降低了成本激励.基础设施供给厂商和规制者合谋的子博弈完美纳什均衡表明,预定的投资收益率管制并非激励相客机制,直接管制定价反映出城市公共服务产品产业的低效率、高成本、高价格状态,远远偏离于政府管制的消费者福利最优化的初衷.