Risk-adjusted performance of thre restaurant segments in the USA

• Woo Gon Kim ^[1] ; Jun Zhong ^[2] ; Ming-Hsiang Chen ^[3] ; Ersem Karadag ^[4]
  1. [1] Florida State University

     Florida State University

     Estados Unidos

     
  2. [2] Oklahoma State University Oklahoma City

     Oklahoma State University Oklahoma City

     Estados Unidos

     
  3. [3] National Chung Cheng University

     National Chung Cheng University

     W. District, Taiwán

     
  4. [4] Robert Morris University

     Robert Morris University

     City of Pittsburgh, Estados Unidos

     

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• Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 15, Nº. 1, 2009, págs. 139-152
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • This study evaluates the risk-adjusted performance of three restaurant segments between 1 January 1998 and 31 December 2004. The Jensen, the Treynor and the Sharpe indexes were adopted as an analytical framework. The findings here are not entirely consistent with those of Kim and Gu (2003) because they show that the quickservice segment outperforms the other two segments. However, using NASDAQ, NYSE and S&P 500 as benchmarks, this study illustrates that the performance of the economy/buffet segment tops the quickservice and full-service segments. It further indicates that the restaurant industry carries too much unsystematic risk, which it needs to reduce.