We examine the post-IPO excess stock returns of hospitality firms from 1996 to 2012 and find underperformance relative to the market on average. However, there are large differences in returns and some firms significantly outperform. We demonstrate that a substantial portion of this variation...

We test whether capacity is used to deter entry and whether the amount invested in entry deterring capacity is related to market concentration and market presence. We use a unique dataset containing all lodging properties in Texas from 1991 through 1997. For each of the 3,830 properties, we have...

This paper empirically tests whether capacity is used to deter entry and whether the amount invested in entry-deterring capacity is related to market concentration and market presence. We use a unique dataset containing 3,830 lodging properties in Texas from 1991 through 1997. We find that there...

Starting from a day-to-day model on hotel specific guest nights we obtain an integer-valued moving average model by cross-sectional and temporal aggregation, The two parameters of the aggregate model reflect mean check-in and the check-out probability. Letting the parameters be functions of...

The key role played by public information in market economies is paramount. Yet, investigation on how prices are affected is hindered by intricate endogeneity and parametrization issues. This paper contributes to the literature by identifying and studying a case where public information is...