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Tourismusunternehmen im Spannungsfeld der Finanz- und Immobilienkrise: Eine theoriegeleitete Bestandsaufnahme zur Rolle internationaler Hotelgesellschaften

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  • Frehse Jörg

Abstract

The real estate and financial crisis has hit the international tourism industry hard. As a result, its principal standard-bearer, the hotel industry, is currently suffering from a severe performance downturn. Against the backdrop of this current, crisis-related process of change, the present paper addresses the research issue of whether international hotel chains, who are currently being presented as innocent victims of the real estate and financial crisis, are not in fact themselves implicated in the onset of that crisis in their capacity as hotel sellers on the international real estate and capital markets. Conclusions confirming this hypothesis are set out below, based on the theory of efficient capital markets and backed up by selected practical developments thereof.

Suggested Citation

  • Frehse Jörg, 2010. "Tourismusunternehmen im Spannungsfeld der Finanz- und Immobilienkrise: Eine theoriegeleitete Bestandsaufnahme zur Rolle internationaler Hotelgesellschaften," Zeitschrift für Tourismuswissenschaft, De Gruyter, vol. 2(1), pages 63-79, May.
    • Handle: RePEc:bpj:touwis:v:2:y:2010:i:1:p:63-79:n:7
    DOI: 10.1515/tw-2010-0107
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    References listed on IDEAS

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    5. Fama, Eugene F, 1991. "Efficient Capital Markets: II," Journal of Finance, American Finance Association, vol. 46(5), pages 1575-1617, December.
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