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Risk-Adjusted Performance of Three Restaurant Segments in the USA

Author

Listed:
  • Woo Gon Kim

    (International Center for Hospitality Research and Development, Dedman School of Hospitality and College of Business, Florida State University, 288 Champions Way, UCB 4116, PO Box 3062541, Tallahassee, FL 32306-2541, USA)

  • Jun Zhong

    (School of Hotel and Restaurant Administration, Oklahoma State University, 210 HESW, Stillwater, OK 74078, USA)

  • Ming-Hsiang Chen

    (Department of Finance, National Chung Cheng University, Chia-Yi, Taiwan, ROC)

  • Ersem Karadag

    (School of Business, Robert Morris University, Moon Township, PA 15108-1189, USA)

Abstract

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 quick-service 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 quick-service and full-service segments. It further indicates that the restaurant industry carries too much unsystematic risk, which it needs to reduce.

Suggested Citation

  • Woo Gon Kim & Jun Zhong & Ming-Hsiang Chen & Ersem Karadag, 2009. "Risk-Adjusted Performance of Three Restaurant Segments in the USA," Tourism Economics, , vol. 15(1), pages 139-152, March.
    • Handle: RePEc:sae:toueco:v:15:y:2009:i:1:p:139-152
    DOI: 10.5367/000000009787536681
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    Cited by:

    1. Dirk Clercq & Narongsak Thongpapanl & Maxim Voronov, 2018. "Sustainability in the Face of Institutional Adversity: Market Turbulence, Network Embeddedness, and Innovative Orientation," Journal of Business Ethics, Springer, vol. 148(2), pages 437-455, March.

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