This study employs the directional distance function in the meta-frontier model by expanding outputs, contracting inputs, and fastening quasi-fixed inputs simultaneously on a dataset of 170 observations obtained from the annual reports of international tourist hotels. Empirical results show that the meta-efficiency and technology gap (TG) of foreign-owned hotels are better than those of domestic hotels. In addition, employees of foreign-owned hotels are more productive than those of domestic hotels. The findings imply that Taiwan's tourist hotels should structure a plan to augment their operating scales.Sustainability 2019, 11, 5773 2 of 11 the number of rooms and floor space) and variable inputs. On the other hand, the approach may overestimate the ability for adjustment by hotel management if the input-oriented model ignores the existence of quasi-fixed inputs [5]. Furthermore, the objective of tourist hotels is to expand outputs rather than to contract inputs. Hence, it is inappropriate to evaluate hotels' efficiency by ignoring output expansion. The directional distance function, proposed by Färe and Grosskopf [6] and capable of expanding outputs and contracting inputs simultaneously, can fulfill the demand of this study. Therefore, this study modifies the directional distance function in the meta-frontier model in order to consider expanding outputs, contracting inputs, and fixed quasi-fixed inputs in the short-run. In addition, quasi-fixed inputs can be adjusted in the long run, and thus we offer different strategies and analysis over different periods.This paper is organized as follows. Following this introduction, Section 2 is the literature review.
This study examines the price discovery function and volatility spillovers in australian real estate investment trust (A-REIT) index futures and also investigates the effects of the global fi- nancial crisis (gfc) on these two features. as opposed to the general understanding of the relationship between the cash and the futures markets, the current study finds that the A-REIT cash market led the a-reIt futures market in price discovery and volatility transmission processes before the gfc. However, during the GFC, the two markets interacted bilaterally in terms of information flow, i.e., in- formation flowed in both directions. Furthermore, after the GFC, the futures market followed the cash market again, but less closely. These findings have broad implications for investors in property assets.
This study is the first to address the exposure of banking industry stock returns to both the commercial and residential real estate markets. The empirical findings show that U.S. banking industry stock returns are significantly sensitive to real estate market returns after controlling for stock market, interest rate, and exchange rate effects. Moreover, the commercial and residential real estate markets have very different effects on banking industry stock returns. Furthermore, the effects on banking industry stock returns are state-dependent. The findings have valuable implications for investors, managers and regulatory authorities.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.