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The licensed retail market in the UK operates in a dynamic environment, yet one aspect that appears to get little consideration is how spatial location may determine the success of particular business or, influence the appropriate use of an existing licensed premises. This paper suggests that it is possible to develop a model of location that can help to explain the location of licensed premises. Additionally, it explores the type of criteria that should be explicitly considered when establishing a new development or the repackaging of an existing licensed unit. At the outset it should be emphasised that the authors are not trying to explain the location of all licensed premises but a model of intra‐urban location, rooted in economic theory, to try and explain the location of different types of licensed businesses within urban areas. The aim is to develop a model that will explain the observable spatial pattern of licensed premises within the major cities of the UK.

This paper investigates the relationship between institutional ownership and idiosyncratic volatility in Chinese and the USA stock markets and explores the potential explanations.

In this paper, the authors use the panel data regressions and the dynamic tests of two-way Granger causality in the panel VAR model to examine the relationship between institutional ownership and idiosyncratic volatility in Chinese and the USA stock markets.

The authors find that the institutional ownership in the Chinese (the USA) stock market is significantly and positively (negatively) related to idiosyncratic volatility through various tests. This paper indicates that institutional investors in the USA are more prudent and risk-averse, while the Chinese institutional investors are not because of high risk-bearing capacity.

This paper deepens the authors’ understanding on the relationship between institutional ownership and idiosyncratic volatility and in the USA and the Chinese stock markets. This paper explains the opposite relationships between institutional ownership and idiosyncratic volatility in the stock markets in China and USA.

The purpose of this paper is to offer a “how to” guide for applying Merton’s (1987) valuation adjustment for incomplete information, which depends on market capitalization, idiosyncratic risk and extent of investor ownership.

The paper illustrates Bodnaruk and Ostberg’s (2009) formula for Merton’s adjustment, and presents some example empirical estimates of the adjustment for some US stocks.

The adjustment estimates are material for many example stocks, particularly volatile stocks with a low percentage of shares held by institutional funds. However, the adjustment estimates are modest for many other stocks, including some smaller cap. stocks.

Measuring the model’s inputs requires using some judgment, particularly regarding the investor ownership variable. The paper will hopefully help stimulate useful empirical research on adjustment estimates and on best practices for applying the model.

The paper may encourage more use of the incomplete-information adjustment in practice, which should lead to improved discount rate estimates in valuation analyses.

No other “bridge the gap” coverage of the incomplete-information adjustment is available in textbooks or the applied literature.

This paper aims to examine whether agency costs predict disciplinary takeover likelihood for the UK listed companies between 1986 and 2015.

Using survival analysis, the approach is to identify candidates for disciplinary takeover on the basis of Tobin’s Q (TQ), which is consistent with the approach advocated by Manne (1965). This study then examines how indicators of agency costs affect takeover likelihood within the set of disciplinary candidates.

This paper provides evidence of the effectiveness of TQ, rather than excess return, in identifying disciplinary takeover candidates. Takeover hazard for disciplinary candidates is higher for companies with higher levels of asset utilization and sales growth in particular. Companies with stronger agency problems are relatively less susceptible to disciplinary takeover.

Given the UK context of the study, where anti-takeover provisions are disallowed and when compared to findings of US studies, the results imply some support for the effectiveness of an open merger policy.

While the connection between takeover likelihood and the market for corporate control has been made in previous studies, the study adopts a more explicit agency theory framework than previous studies of takeover likelihood. A key component of the contribution follows from differentiating candidates for disciplinary takeovers from other forms of mergers and acquisitions.

The purpose of this paper is to review and synthesize published contemporary hospitality financial management research from 1998 through 2009 and provide future research directions.

The authors began their initial literature search by entering into the ABI/INFORM database via ProQuest 19 pre‐identified keywords (i.e. debt, financing, ownership) related to the major functions of financial management, namely investing, financing, and dividend decisions, as well as commonly indexed keywords in hospitality finance research. The paper then expanded the authors' literature list through the reference lists of the studies that they initially identified. The authors limited their search to published studies between 1998 and 2009 and within hospitality journals written in English.

The paper identifies 98 published papers that represented the major work and efforts in expanding the body of knowledge in both the theoretical and practical perspectives of hospitality financial management. The major categories of papers include hospitality financing, investing, dividend policy, financial condition, and performance. Areas that warrant further investigation are noted throughout the paper.

The papers review provides academics and practitioners an overview of the updated body of knowledge in the field and suggests the need for further in‐depth research to extend the literature and prompt better financial decision making for practitioners.

Since Harris and Brown's and Atkinson and Jones's reviews of past hospitality accounting and finance studies which mostly focused on the former, hospitality financial management research alone has grown noticeably in terms of diverse topics and sophistication of methodologies. To the authors' knowledge, no updated reviews that focus solely on hospitality finance research have been published in the last 12 years, and the need for such a task motivated them to conduct a review of recent research on this topic.

This study aims to adopt a holistic approach to understand cruise revenue management (RM) practices that cover ticket and onboard revenues, through a cross-disciplinary literature review and practitioner interviews. An integrated cruise RM framework was developed and served as a blueprint for future cruise studies and practices.

A multi-stage approach was adopted, including a systematic literature review, two-waves of interviews with 26 cruise industry practitioners and the development of a holistic RM framework.

This study clarifies cruise RM functions across product planning, delivery stages and identifies ticket and onboard RM components. These are incorporated into the integrated framework, with weather and itinerary/ route attractiveness as additional considerations. Interviews revealed that there is no difference in the RM cycle before and during the COVID-19 pandemic, although strategies and tactics may vary in response to the market situation.

Suggestions are made regarding product and service bundling and ways for ticket and onboard revenue teams to work together to optimize total revenue. Future research directions are also provided under the categories of RM applications and concepts, ticket core activities, onboard core activities and overall issues.

To the best of the authors’ knowledge, this is the first paper to conduct a cross-disciplinary systematic literature review of cruise RM without imposing publication dates or specific databases and the first to develop an integrated cruise “total” RM framework that includes ticket and onboard revenues.