A Flow-Through Analysis of the US Lodging Industry During the Great Recession

Purpose – The objective of this exploratory study is to investigate the “flow-through” or relationship between top-line measures of hotel operating performance (occupancy, average daily rate and revenue per available room) and bottom-line measures of profitability (gross operating profit and net operating income), before and during the recent great recession. Design/methodology/approach – This study uses data provided by PKF Hospitality Research for the period from 2007-2009. A total of 714 hotels were analyzed and various top-line and bottom-line profitability changes were computed using both absolute levels and percentages. Multiple regression analysis was used to examine the relationship between top and bottom line measures, and to derive flow-through ratios. Findings – The results show that average daily rate (ADR) and occupancy are significantly and positively related to gross operating profit per available room (GOPPAR) and net operating income per available room (NOIPAR). The evidence indicates that ADR, rather than occupancy, appears to be the stronger predictor and better measure of RevPAR growth and bottom-line profitability. The correlations and explained variances are also higher than those reported in prior research. Flow-through ratios range between 1.83 and 1.91 for NOIPAR, and between 1.55 and 1.65 for GOPPAR, across all chain-scales. Research limitations/implications – Limitations of this study include the limited number of years in the study period, limited number of hotels in a competitive set, and self-selection of hotels by the researchers. Practical implications – While ADR and occupancy work in combination to drive profitability, the authors' study shows that ADR is the stronger predictor of profitability. Hotel managers can use flow-through ratios to make financial forecasts, or use them as inputs in valuation models, to forecast future profitability. Originality/value – This paper extends prior research on the relationship between top-line measures and bottom-line profitability and serves to inform lodging owners, operators and asset managers about flow-through ratios, and how these ratios impact hotel profitability.

How the Pershore Plum Won the Great War

The First World War was won not just on the battlefields but on the Home Front, by the men, women and children left behind. This book explores the lives of the people of Pershore and the surrounding district in wartime, drawing on their memories, letters, postcards, photographs, leaflets and recipes to demonstrate how their hard work in cultivating and preserving fruit and vegetables helped to win the Great War. Pershore plums were used to make jam for the troops; but ensuring these and other fruits and vegetables were grown and harvested required the labour of land girls, Boy Scouts, schoolchildren, Irish labourers and Belgian refugees. When submarine warfare intensified, food shortages occurred and it became vital for Britain to grow more and eat less food. Housewives faced many challenges in feeding their families and so in 1916 the Pershore Women’s Institute was formed, providing many women with practical help and companionship during some of Britain’s darkest hours in history.

Pass-through of International food prices to domestic ination during and after the great recession: evidence from a set of Latin American economies

We examined how international food price shocks have impacted local ination processes in Brazil, Chile, Colombia, Mexico, and Peru in the past decade -- Using impulse-response analysis coming from cointegrated VARs, we wind that international food ination shocks take from one to six quarters to pass through to domestic head-line ination, depending on the country -- In addition, by calculating the elasticity of local prices to an international food price shock, we found that this pass-through is not complete -- We also take a closer look at how this type of shock affects local food and core prices separately, and asses the possibility second round effects over core ination stemming from the shock -- We wind that a transmission to headline prices does occur, and that part of the transmission is associated with rising core prices both directly and through possible second round effects, which implies a role for monetary policy when such a shock takes place -- This is especially relevant given that international food prices have recently been on an upward trend after falling considerably during the Great Recession

AQUATIC OLIGOCHAETA (ANNELIDA, CLITELLATA) OF THE Great Smoky Mountains National Park, North Carolina and Tennessee

ID: 8906; issued December 19, 2000

The Aquatic Oligochaeta (Annelida, Clitellata) of the Great Smoky Mountains National Park, North Carolina and Tennessee, USA

ID: 8987; Annual Project Report for 2003, Project No. DLIA 2003-14 issued August 17, 2004

Past and recent trends in the exploitation of the great lakes fisheries of Uganda

Uganda's fish production has shown a substantial increase from a level of 61,500 tonnes in 1961 to a total of 214,302 tonnes in 1988. During this period significant changes also occurred in species composition, fishing factors, and patterns of utilisation. This paper briefly summarises the fisheries of Uganda's great lakes and reviews past and present trends in their exploitation, as reflected in available catch and effort data collected through the Fisheries Department statistical reporting system.

On dangers to rational exploitation and development of the resources of the great lakes of Africa

The major dangers facing the resources of the Great Lakes of Africa include over exploitation, falling species diversity, accumulating pollution, and a probable decline in fishery productivity. These dangers may be viewed as accentuated by: i) Inadequate scientific knowledge on the exploited resources ii) Reluctance to apply even the limited scientific information available, by fishery administrators iii) Constant increase in the demand for fish and other aquatic resources. iv) Lack of commitment to active collaboration and co-operation by riparian states regarding development and management of the shared resources. This paper discusses the above factors in relation to the dangerous trends facing the resources of the Great Lakes of Africa. The discussion is intended to contribute to the promotion of rational and sustainable utilisation of the aquatic resources of these lakes.

The exploitation of small pelagic fishes of the great lakes of Africa with reference to the mukene (Rastrineobola argentea) fishery of the northern waters of Lake Victoria

Small pelagic fish species have ultimately become important on most of the Great Lakes of Africa, especially after the depletion of the larger, initially preferred fish species. In Lake Victoria, the small pelagic cyprinid Rastrineobola argentea is now the only abundant native species supporting a fast growing light fishery. In Pilkington Bay, off Lingira Island the artisanal light fishery is well established and in the last two years this bay has witnessed a sharp increase in the fishing effort. This has been followed by a modification of fishing method and a reduction in the mesh size of nets used. R. argentea now caught from this bay consist of mainly juveniles and this could result into localized recruitment overfishing. Drawing examples from what is happening to the fishery in Pilkington Bay, it is necessary to carry out research on the stocks, gear and suitable fishing crafts before light fishing spreads to most parts of the lake.

The “Great Masquerader" Strikes Again: Secondary Syphilis Presentation with Erythema Multiforme (EM)-Like Lesions

Syphilis is a sexually transmitted disease known to present with highly variable manifestations, especially when left untreated. Patients who present to Internal Medicine Departments with fever and a rash are always a diagnostic challenge since mild viral diseases and life-threatening bacterial infections may manifest themselves similarly. In the following case presentation, we describe a patient with 1 month’s duration of fever and rash on the palms of the hand and soles of the feet, in the form of erythema multiforme (EM)-like lesions. His disease was diagnosed as secondary syphilis, once again justifying its name: the “great masquerader".

The Great Irish Famine in history-writing and prose fiction : "the mutual interplay of two narrative genres"

Denna tvärvetenskapliga studie kontextualiserar den skönlitterära framställningen av hungersnöden i Irland i mitten av 1800-talet i förhållande till tre olika faser av irländsk historieskrivning ‒ den nationalistiska, den revisionistiska, och den postrevisionistiska ‒ med syfte att granska i vilken mån prosafiktionen antingen återspeglar eller motsäger historikernas tolkningar. År 1845 drabbades landet av en dittills okänd potatispest som förstörde skörden helt eller delvis under de följande fem åren. Missväxten ledde till utbredd svält och epidemiska sjukdomar som dödade åtminstone en miljon människor, medan ytterligare en och en halv miljon flydde, huvudsakligen till Förenta Staterna, England, och Kanada. I sina försök att hitta en rationell förklaring till hur potatispesten kunde utvecklas till den värsta svältkatastrofen i Europa under modern tid, har historiker påvisat ett antal bidragande faktorer, till exempel överbefolkning, de fattigaste jordlösa småbrukarnas och lantarbetarnas beroende av potatisen som sitt baslivsmedel, underutveckling inom jordbruket, det rådande jordegendomssystemet, och den dåvarande brittiska regeringens misslyckande att tillhandahålla effektiv och tillräcklig nödhjälp. Historiska förklaringar är naturligtvis nödvändiga för att vi skall kunna bilda oss en uppfattning om hungersnödens orsaker och konsekvenser, men svårigheten med att skildra offrens situation i en historiografisk analys baserad på fakta är uppenbar då deras egna vittnesmål till största delen saknas i källmaterialet. Följaktligen finns det en risk att historieskrivningen förmörkar det som onekligen var centrala realiteter för de värst drabbade, nämligen svält, vräkning, sjukdom och död. Här kan skönlitteraturen bidra till att komplettera historien. Genom att fokusera på ett specifikt (fiktivt) samhälle och dess (fiktiva) individer, kan skönlitterära verk ge en inblick i hur hungersnöden inverkade på olika samhällsskikt, vad människorna gjorde för att överleva, hur nöden och fasorna påverkade deras psyke, och vad eller vem de höll ansvariga för katastrofen. Å andra sidan kan denna fokusering innebära att författaren misslyckas med att ge en helhetsbild av hungersnödens enorma omfattning och att redogöra för alla faktorer som orsakade och förlängde den. Paul Ricoeurs teori om samspelet mellan historia och fiktion (the interweaving of history and fiction) är därför ett nyckelbegrepp för att bättre förstå denna traumatiska period i Irlands historia. Avhandlingen omfattar en textanalytisk, komparativ kritik av ett antal historiska och skönlitterära verk. Genom närläsning av dessa texter granskar jag vilka aspekter av hungersnöden (politiska, ekonomiska, sociala) de olika författarna valt att behandla, och på vilket sätt, samt hur deras synvinklar har format tolkningarna i sin helhet. I detta sammanhang tar jag också upp skillnaderna mella fakta och fiktion, och speciellt de etiska problem som är förknippade med skildringen av traumatiska händelser och mänskligt lidande. Samtidigt undersöker jag, med hänvisning till Roger D. Sells kommunikationsteori, huruvida vissa författare anslår en påstridig ton i sina verk och hur detta påverkar dialogen mellan författare och läsare. Med utgångspunkt i Ricoeurs teori argumenterar jag för att historia och fiktion inte bör ses som ömsesidigt antitetiska diskurser i skildringen och tolkningen av det förflutna, och att skönlitteraturen genom fokuseringen på offren, som ofta tenderar att reduceras till statistik i historieskrivningen, kan förmedla en bättre förståelse och en djupare känsla för den mänskliga dimensionen av den tragedi som utspelades under hungeråren.

The Christians and the great commission. A brief history of the home and foreign missionary work of the Christian church, with biographical sketches of foreign missionaries

Mode of access: Internet.

Objectives for management of socio-ecological systems in the Great Barrier Reef region, Australia

A wide range of goals and objectives have to be taken into account in natural resources management. Defining these objectives in operational terms, including dimensions such as sustainability, productivity, and equity, is by no means easy, especially if they must capture the diversity of community and stakeholder values. This is especially true in the coastal zone where land activities affect regional marine ecosystems. In this study, the aim was firstly to identify and hierarchically organise the goals and objectives for coastal systems, as defined by local stakeholders. Two case study areas are used within the Great Barrier Reef region being Mackay and Bowen–Burdekin. Secondly, the aim was to identify similarities between the case study results and thus develop a generic set of goals to be used as a starting point in other coastal communities. Results show that overarching high-level goals have nested sub-goals that contain a set of more detailed regional objectives. The similarities in high-level environmental, governance, and socio-economic goals suggest that regionally specific objectives can be developed based on a generic set of goals. The prominence of governance objectives reflects local stakeholder perceptions that current coastal zone management is not achieving the outcomes they feel important and that there is a need for increased community engagement and co-management. More importantly, it raises the question of how to make issues relevant for the local community and entice participation in the local management of public resources to achieve sustainable environmental, social, and economic management outcomes. © 2015 Springer-Verlag Berlin Heidelberg

Effects of trawling on sessile megabenthos in the Great Barrier Reef and evaluation of the efficacy of management strategies

A series of related research studies over 15 years assessed the effects of prawn trawling on sessile megabenthos in the Great Barrier Reef, to support management for sustainable use in the World Heritage Area. These large-scale studies estimated impacts on benthos (particularly removal rates per trawl pass), monitored subsequent recovery rates, measured natural dynamics of tagged megabenthos, mapped the regional distribution of seabed habitats and benthic species, and integrated these results in a dynamic modelling framework together with spatio-temporal fishery effort data and simulated management. Typical impact rates were between 5 and 25% per trawl, recovery times ranged from several years to several decades, and most sessile megabenthos were naturally distributed in areas where little or no trawling occurred and so had low exposure to trawling. The model simulated trawl impact and recovery on the mapped species distributions, and estimated the regional scale cumulative changes due to trawling as a time series of status for megabenthos species. The regional status of these taxa at time of greatest depletion ranged from ∼77% relative to pre-trawl abundance for the worst case species, having slow recovery with moderate exposure to trawling, to ∼97% for the least affected taxon. The model also evaluated the expected outcomes for sessile megabenthos in response to major management interventions implemented between 1999 and 2006, including closures, effort reductions, and protected areas. As a result of these interventions, all taxa were predicted to recover (by 2-14% at 2025); the most affected species having relatively greater recovery. Effort reductions made the biggest positive contributions to benthos status for all taxa, with closures making smaller contributions for some taxa. The results demonstrated that management actions have arrested and reversed previous unsustainable trends for all taxa assessed, and have led to a prawn trawl fishery with improved environmental sustainability. © 2015 International Council for the Exploration of the Sea 2015. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

Plain reasons why neither Dr. Watts' Imitations of the Psalms, nor his other poems, nor any other human composition, ought to be used in the praises of the great God our Saviour--but, that a metre version of the book of Psalms, examined, with wise and critical care by pious and learned divines, and found by them to be as near the Hebrew metre Psalms, as the idiom of the English language would admit, ought to be used.

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