Journal of Tourism & Hospitality
Open Access

Dr., Department of Hospitality Management, Georgia State University, Georgia, United States

Biography

Dr. Divaka Perera is a Department of Hospitality Management, Georgia State University, Georgia, United States. Area of Expertisation: Hotel REITs; Three-factor model; Book value; Time in market and performance

Publications

• Review Article   
  Hotel REITs: Market Risks, Book Value, Market Capitalization and Time in Market
  Author(s): Leonard Jackson*
  
  This study applied the Fama-French three-factor model to examine the relationship between market risks, book value, market capitalization and time in market for hotel REITs. Findings suggest that hotel REITs that were significantly correlated with all three factors had the highest number of years on the market and highest mean market capitalization. Conversely, those that were not significantly correlated with the three factors had shorter time frames in the market and had the lowest mean market capitalization. Findings also indicated that the higher the market capitalizations, and the longer they existed in the market, the more risk exposure they faced. This could explain the trend of hotel REITs to change their ownership structure and or convert their business format after a few years in the market... View More»
  

  Abstract PDF