Alternative Financing Sources and Their Impact on Profitability

This article explores the advantages and disadvantages of various financing alternatives for the hospitality industry and discusses their potential effect on the profitability of the firm. The author provides background and perspective for developing the appropriate financing arrangement for a specific hospitality enterprise.

Lodging Real Estate Finance: Securitization

Commercial Mortgage Backed Securities (CMBSs) introduced to the U.S. lodging industry in the early 1990’s were a panacea during a period of severe shortage of debt capital. These instruments changed commercial real estate capital markets by providing flexibility and liquidity to an otherwise illiquid investment As a relatively new form of financing to the lodging industry, the mechanics of securitization, the types of CMBS investments, and their structure are not well understood. The article illustrates the process of securitization and its importance as a significant source of debt financing to the lodging industry

Securitization of Lodging Real Estate Finance

In the early 1990s, the U.S. lodging industry witnessed a severe shortage of debt capital as traditional lenders exited the market. During this period hotel lending was revolutionized by the emergence of real estate debt securities. The author discusses key factors which have affected the growth and development of commercial mortgage backed securities and their changing role as a significant source of debt capital to the lodging industry.

Industry Expresses Attitudes Toward Accounting, Finance Curricula

A survey of hospitality financial executives provides guidance for those planning accounting and finance curricula for schools of hospitality management. The authors discuss the results of their survey sponsored by the Association of Hospitality Financial Management Educators.

Frameworks for Systemic and Structural Analysis of Financial Innovations in Infrastructure

Financial innovations have emerged globally to close the gap between the rising global demand for infrastructures and the availability of financing sources offered by traditional financing mechanisms such as fuel taxation, tax-exempt bonds, and federal and state funds. The key to sustainable innovative financing mechanisms is effective policymaking. This paper discusses the theoretical framework of a research study whose objective is to structurally and systemically assess financial innovations in global infrastructures. The research aims to create analysis frameworks, taxonomies and constructs, and simulation models pertaining to the dynamics of the innovation process to be used in policy analysis. Structural assessment of innovative financing focuses on the typologies and loci of innovations and evaluates the performance of different types of innovative financing mechanisms. Systemic analysis of innovative financing explores the determinants of the innovation process using the System of Innovation approach. The final deliverables of the research include propositions pertaining to the constituents of System of Innovation for infrastructure finance which include the players, institutions, activities, and networks. These static constructs are used to develop a hybrid Agent-Based/System Dynamics simulation model to derive propositions regarding the emergent dynamics of the system. The initial outcomes of the research study are presented in this paper and include: (a) an archetype for mapping innovative financing mechanisms, (b) a System of Systems-based analysis framework to identify the dimensions of Systems of Innovation analyses, and (c) initial observations regarding the players, institutions, activities, and networks of the System of Innovation in the context of the U.S. transportation infrastructure financing.

The analysis of the resort timesharing industry in order to determine the industry's familiarity with timesharing and the industry's conception of the present and future effects of timesharing

The purpose of the study is to examine the impactof the timesharing concept on the resort industry in order to determine the industry's familiarity with timesharing and the industry's conception of the present and future effects of timesharing. The study utilizes two methods of research, primarydata and secondary data, to examine the concept of timesharing. This section includes information on the different forms of timesharing, the legal aspects, the marketing, management, finance and future of timesharing in order to educate the public about the concept. The primary data takes the form of a survey thatquestions hotel/motel operators in the Fort Lauderdale Beach area to determine their attitudes towards the impact of timesharing on the resort industy.

Sex offender risk assessment and management in Ireland

This research examined sex offender risk assessment and management in Ireland. It focused on the statutory agencies with primary responsibility (Garda Síochána and the Probation Service). The goal was to document the historical, contextual and current systems, in addition to identifying areas of concern/improvements. The research was a mixed-methods approach. Eight studies were conducted. This incorporated documentary reviews of four Commission to Inquire Reports, qualitative interviews/focus groups with Garda staff, Probation Service staff, statutory agencies, community stakeholders, various Non-Governmental Organisations (NGOs) and sex offenders. Quantitative questionnaires were also administered to Garda staff. In all over 70 interviews were conducted and questionnaires were forwarded to 270 Garda members. The overall findings are: •Sex offender management in Ireland has become formal only since 2001. Knowledge, skills and expertise is in its infancy and is still evolving. •Mixed reviews and questions regarding fitness for purpose of currently used risk assessments tools were noted. •The Sex Offender Act 2001 requires additional elements to ensure safe sex offender monitoring and public protection. A judicial review of the Sex Offender Act 2001 was recommended by many respondents. •Interagency working under SORAM was hugely welcomed. The sharing of information has been welcomed by managing agencies as the key benefit to improving sex offender management. •Respondents reported that in practice, sex offender management in Ireland is fragmented and unevenly implemented. The research concluded that an independent National Sex Offender Authority should be established as an oversight and regulatory body for policy, strategy and direction in sex offender management. Further areas of research were also highlighted: ongoing evaluation and audits of the joint agency process and systems in place; recidivism studies tracking the risk assessment ratings and subsequent offending; and an evaluation of the current status of sex offender housing in Ireland.

Global and local perceptual style, field-independence, and central coherence: an attempt at concept validation

Historically, the concepts of field-independence, closure flexibility, and weak central coherence have been used to denote a locally, rather globally, dominated perceptual style. To date, there has been little attempt to clarify the relationship between these constructs, or to examine the convergent validity of the various tasks purported to measure them. To address this, we administered 14 tasks that have been used to study visual perceptual styles to a group of 90 neuro-typical adults. The data were subjected to exploratory factor analysis. We found evidence for the existence of a narrowly defined weak central coherence (field-independence) factor that received loadings from only a few of the tasks used to operationalise this concept. This factor can most aptly be described as representing the ability to dis-embed a simple stimulus from a more complex array. The results suggest that future studies of perceptual styles should include tasks whose theoretical validity is empirically verified, as such validity cannot be established merely on the basis of a priori task analysis. Moreover, the use of multiple indices is required to capture the latent dimensions of perceptual styles reliably.

Profits and patriotism: Nicholas Weston, Old English merchants, and Ireland’s Nine Years’ War, 1594–1603

Ireland’s Old English merchants, and especially those of the Pale, provided the English crown with vital material supplies, finance and intelligence throughout the Nine Years’ War (1594–1603). Yet, surviving official correspondence criticised the mercantile community for providing weak support and accused its members of favouring the queen’s Irish enemies. The reality was that they did both, but their reasons for doing so were complicated. Too often described as a homogenous group, Old English merchants did not all share the same economic ambitions, political views or faith. Examining the specific actions of certain individuals alongside those of the wider community provides a fresh angle on the conflict and sheds new light on the role of Old English merchants.

The Causal Links between FDI and Economic Growth in Developing Countries: A Case Study of the Republic of Rwanda

The study examines the short-run and long-run causality running from real economic growth to real foreign direct investment inflows (RFDI). Other variables such as education (involving combination of primary, secondary and tertiary enrolment as a proxy to education), real development finance, unskilled labour, to real RFDI inflows are included in the study. The time series data covering the period of 1983 -2013 are examined. First, I applied Augmented Dicky-Fuller (ADF) technique to test for unit root in variables. Findings shows all variables integrated of order one [I(1)]. Thereafter, Johansen Co-integration Test (JCT) was conducted to establish the relationship among variables. Both trace and maximum Eigen value at 5% level of significance indicate 3 co-integrated equations. Vector error correction method (VECM) was applied to capture short and long-run causality running from education, economic growth, real development finance, and unskilled labour to real foreign direct investment inflows in the Republic of Rwanda. Findings shows no short-run causality running from education, real development finance, real GDP and unskilled labour to real FDI inflows, however there were existence of long-run causality. This can be interpreted that, in the short-run; education, development finance, finance and economic growth does not influence inflows of foreign direct investment in Rwanda; but it does in long-run. From the policy perspective, the Republic of Rwanda should focus more on long term goal of investing in education to improve human capital, undertake policy reforms that promotes economic growth, in addition to promoting good governance to attract development finance – especially from Nordics countries (particularly Norway and Denmark).

Comparison Between Leaded and Nonleaded Gasoline as Used in Iowa State Highway Commission Vehicles, HR-1002, 1972

The overall objective of this experimental program was to obtain quantitative comparisons between leaded and nonleaded gasolines as used in a variety of Iowa State Highway Connnission vehicles. These quantitative comparisons were to be made in terms of exhaust emissions, maintenance costs and fuel economy.

Iowa Highway Programs, Finances, and Progress, 1951

(a) Iowa has a total of 101,620 miles of rural roads, both primary and secondary. (b) On January 1, 1951, a total of 68,869 miles of these rural roads were surfaced - mostly with gravel and crushed stone. (c) Additional roads are being surfaced at the rate of 2676 miles per year. (d) Iowa's highway program provides for a surfaced road to every reasonably located rural home and a paved or other type of dustless surface on all primary roads. (e) Iowa's highway funds come 26.0 per cent from property taxes, 63.5 per cent from road use taxes, 10.5 per cent from Federal aid. (f) Annual income under present laws, available for highway construction, is approximately For primary roads ----------------- $24,000,000 For secondary roads---------------- $41,967,000 (g) Iowa's highway improvements are being paid for as built. No new bonds are being issued. (h) Unobligated available farm to market road funds are rapidly being placed under contract. (i) The letting of highway contracts is increasing rapidly. (j)- Iowa's highway program is estimated to cost $945,000,000 and will require twenty years to build. These are the highlights of Iowa's highway program. The details will follow in succeeding paragraphs.

Iowa Highway Programs, Finances, and Progress, 1952

(a) Iowa has a total of 101,620 miles of rural roads, both primary and secondary. (b) On January 1, 1952, a total of 71,493 miles of these rural roads were surfaced - mostly with gravel and crushed stone. (c) Additional roads are being surfaced at the rate of 2662 miles per year. (d) Iowa's highway program provides for a surfaced road to every reasonably located rural home and a paved or other type of dustless surface on all primary roads. (e) Iowa's highway funds come 26.0 per cent from property taxes, 63.5 per cent from road use taxes, 10.5 per cent from Federal aid. (f) Annual income under present laws, available for highway construction, is approximately For primary roads------------------$23,000,000 For secondary roads---------------- 41,967,000 (g) Iowa's highway improvements are being paid for as built. No new bonds are being issued. (h) The surplus of farm to market road funds created during and immediately following the War have now been placed under contract, with only a minimum working balance remaining in the fund. (i) Iowa's highway program was estimated to cost $945,000,000 and to require twenty years to build, by the 1948 Legislative Committee. This estimate would now have to be increased due to price increases and higher required standards. These are the highlights of Iowa's highway program. The details will follow in succeeding paragraphs.

Iowa Highway Program, Finances and Progress, 1954

(a) Iowa has a total of 101,451 miles of rural roads, both primary and secondary. (b) On January 1, l954, a total of 77,024 miles of these rural roads were surfaced - mostly with gravel and crushed stone. This is 5,53l miles greater than on January l, 1952. (c) Additional roads are being surfaced at the rate of 2766 miles per year. (d) Iowa's highway program provides for a surfaced road to every reasonably located rural home and a paved or other type of dustless surface on all primary roads. (e) Iowa's highway funds come 25.4 per cent from property taxes and special taxes......................................$29,708,546.67 63.7 per cent from road use taxes.......... 74,581,080.30 10.6 per cent from Federal Aid (1952 Act).. 12,424,000.00 0.3 per cent from miscellaneous receipts.. 287,922.86 ---- ------------- 100.0 $117,001,549.83 (f) Annual income under present laws, available for highway construction, is approximately, For primary roads $29,420,000.00 For secondary roads $44,328,000.00 In 19_3, $7,299,000 of secondary road construction funds was transferred to the maintenance fund. (g) Iowa's highway improvements are being paid for as built. No new bonds are being issued.

Audit report on the Corridor Metropolitan Planning Organization for the years ended June 30, 2015 and 2014

Audit report on the Corridor Metropolitan Planning Organization for the years ended June 30, 2015 and 2014