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First published on April 29, 2008, doi:10.1177/1096348008317387

Journal of Hospitality & Tourism Research 2008;32:327.

A more recent version of this article appeared on August 1, 2008

Article

Risk-Return Analysis of Fast-Food Versus Casual-Dining Restaurants: Who Moved My Cheeseburger?

Melih Madanoglu, Ph.D.*, Kyuho Lee, Ph.D., and Francis A. Kwansa, Ph.D.

* To whom correspondence should be addressed. E-mail: mmadanog{at}fgcu.edu.


  Abstract
The study demonstrates how a hypothetical investor or a restaurant industry executive can assess the risk-adjusted performance of fast-food and casual-dining restaurant segments by using both traditional and contemporary risk-adjusted performance measures. This study focuses on 24 casual-dining and 18 fast-food restaurants that are publicly traded on major U.S. stock exchanges. The results revealed that casual-dining firms outperformed fast-food restaurants in all performance aspects: mean return, standard deviation, the Sharpe Ratio, the Sortino Ratio, and the Upside Potential Ratio. The article offers suggestions for potential investors about how to utilize downside risk measures in their capital investment decisions.


Add to CiteULike CiteULike   Add to Connotea Connotea   Add to Del.icio.us Del.icio.us   Add to Digg Digg   Add to Reddit Reddit   Add to Technorati Technorati    What's this?