Howard Feiertag Department of Hospitality and Tourism Management
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Browsing Howard Feiertag Department of Hospitality and Tourism Management by Author "Bianco, Simone"
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- Disruptor Recognition and Market Value of Incumbent Firms: Airbnb and the Lodging IndustryBianco, Simone; Zach, Florian J.; Singal, Manisha (Sage, 2022-04-03)Although Airbnb debuted in 2008, incumbent lodging firms did not fully recognize it as a legitimate competitor for several years. However, as Airbnb made inroads into the accommodation business, hotel firms and their investors started to take notice and to legitimize its disruptive role. In this paper, we investigate investors’ awareness of the disruptor Airbnb as a competitor of incumbent lodging firms. Specifically, we assess the effect of awareness on incumbent hotel management and hotel property owner firms. Employing an event study methodology, our analysis finds that Airbnb performance milestones negatively affect incumbents’ market value. This research contributes to our understanding of the role played by investors and financial analysts in shaping competitive markets by legitimizing an industry disruptor and by spurring competitive action among incumbent firms.
- Dual-Branded Hotels: Resource-based entry strategies in agglomerated marketsBianco, Simone; Singal, Manisha; Zach, Florian J.; Nicolau, Juan Luis (Elsevier, 2023-04)Despite the growing importance of dual-branded hotels, research on this trend is lacking. This study investigates the effect of resource-based entry strategies for dual-branded hotels vis-à-vis incumbent market competition on performance. Using a hierarchical linear model, we found that best performance is achieved by dual-branded hotels that pursue a diversification strategy by entering the market with one brand above and one brand below the mode class of the market. Dual-branded hotels can thus achieve competitive advantage by exploiting superior financial resources and tourism destinations are able to gain monetary advantage from resources employed by dual-branded hotels. This study extends current research on dual-branded hotels by investigating entry strategies and contributes to the resource-based view literature by investigating dual-brands’ resource exploitation and resource spillovers in agglomerated markets.
- Early and late-stage startup funding in hospitality: Effects on incumbents' market valueBianco, Simone; Zach, Florian J.; Liu, Anyu (Elsevier, 2022-07)This study investigates the change in investors’ awareness of startups following received funding rounds. We specifically investigate the stock market assessing startups as potential new entrants in an industry that overlooked the disruptor Airbnb to the point where consumers started to embrace the new products, thus costing incumbents market share. This study contributes to the literature on competitive dynamics by investigating resource similarity and market commonality as potential influencer of investors’ awareness. Furthermore, this study offers a new contextualization for studies connecting risk assessment and market value and contributes to the tourism and hospitality literature by investigating investors’ awareness of potential new market entrants. Finally, this study provides managerial insights as it highlights what high-level decision makers can learn from the stock markets’ reactions to startup funding as a means of anticipating possible changes in the competitive environment.
- Leveraging knowledge via location proximity among hotels and short-term leasesBianco, Simone; Singal, Manisha; Zach, Florian J. (Elsevier, 2024-02-28)