Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/33763
Title: An examination of US hotel segment strategy : diversified, concentrated or balanced?
Authors: Lee, S
Xiao, Q 
Kang, KH
Keywords: Segment diversification
US hotel industry
Risk-adjusted returns
Sharpe ratio
Issue Date: 2011
Publisher: IP Publishing Ltd
Source: Tourism economics, 2011, v. 17, no. 6, p. 1257-1274 How to cite?
Journal: Tourism economics 
Abstract: Segment diversification is a common strategy applied by hotel companies. According to previous research on the modern portfolio theory, a company can reduce risks and thus increase its value with more diversified operations. Such reasoning can certainly apply to the hotel industry in terms of its segment strategy. However, the findings are inconclusive. In particular, other literature argues for more concentrated rather than diversified operations. This study therefore examines the impacts of segment diversification on companies' risk-adjusted performances among publicly traded US hotels. The results suggest that a moderate segment diversification strategy maximizes a company's risk-adjusted performance.
URI: http://hdl.handle.net/10397/33763
ISSN: 1354-8166
EISSN: 2044-0375
DOI: 10.5367/te.2011.0086
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