Parametric & nonparametric approaches to event studies: an application to a hotel’s market value

The main objective of this paper is twofold: on the one hand, to analyse the impact that the announcement of the opening of a new hotel has on the performance of its chain by carrying out an event study, and on the other hand, to compare the results of two different approaches to this method: a parametric specification based on the autoregressive conditional heteroskedasticity models to estimate the market model, and a nonparametric approach, which implies employing Theil’s nonparametric regression technique, which in turn, leads to the so-called complete nonparametric approach to event studies. The results that the empirical application arrives at are noteworthy as, on average, the reaction to such news releases is highly positive, both approaches reaching the same level of significance. However, a word of caution must be said when one is not only interested in detecting whether the market reacts, but also in obtaining an exhaustive calculation of the abnormal returns to further examine its determining factors.

Assessment of corrective measures for alleviating slope instabilities in carbonatic Flysch formations: Alicante (SE of Spain) case study

As is well known, in order to select remediation measures to correct or prevent slope instabilities, it is essential to identify and characterize the instability mechanisms. This task is especially complex for heterogeneous rock masses such as Flysch formations. This paper addresses the assessment of corrective measures used in carbonate Flysch formations by classifying and grouping field data reported in an available database in order to associate this data with various instability mechanisms and stratigraphic column types as well as with the corrective measures taken to stabilise them. For this purpose, 194 slopes have been geomechanically characterized, mainly by considering the observed instability mechanisms. The corrective measures that were applied have been evaluated for their suitability and performance, and, if applicable, the causes of their malfunction have been also studied. As a result, some guidelines based on the observed behaviour and the suitability of the correction measure as a function of instability type are proposed for similar slopes.