Early Bird & Night Owl Evaluation Tool (EBNOET) v2015

The early bird and night owl restaurant tool found in the accompanying Excel file provides an estimate of the effects of offering off-peak special menu prices. Unlike the classic back-of-envelope calculation, the tool includes the effect of anticipated cannibalization of full-price covers and seeks to optimize table use. The tool also considers the revenue from new customers attracted by the early bird or night owl promotions, as well as the level of increased business needed to achieve the net monetary value target for the promotion.

Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence

We investigate whether Real Estate Investment Trust (REIT) managers actively manipulate performance measures in spite of the strict regulation under the REIT regime. We provide empirical evidence that is consistent with this hypothesis. Specifically, manipulation strategies may rely on the opportunistic use of leverage. However, manipulation does not appear to be uniform across REIT sectors and seems to become more common as the level of competition in the underlying property sector increases. We employ a set of commonly used traditional performance measures and a recently developed manipulation-proof measure (MPPM, Goetzmann, Ingersoll, Spiegel, and Welch (2007)) to evaluate the performance of 147 REITs from seven different property sectors over the period 1991-2009. Our findings suggest that the existing REIT regulation may fail to mitigate a substantial agency conflict and that investors can benefit from evaluating return information carefully in order to avoid potentially manipulative funds.