Imperial College London

Dr. Renáta Kosová

Business School

Associate Professor of Economics
 
 
 
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Contact

 

+44 (0)20 7594 2630r.kosova Website CV

 
 
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Location

 

CAGB 485City and Guilds BuildingSouth Kensington Campus

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Summary

 

Publications

Publication Type
Year
to

22 results found

Forbes S, Kosova R, 2022, Does competition benefit complements? Evidence from airlines and hotels, Management Science, ISSN: 0025-1909

We analyze how changes in the market structure of one industry – airlines – affect the performance of firms in a complementary industry – hotels – using an instrumental variables strategy to account for potential correlation between unobserved shocks to both markets. We find that more intenseairline competition boosts hotel performance across all standard measures: price, occupancy rate, and revenue per available room. Spillovers vary across hotel quality and passenger type: lower-quality branded hotels serving more price-sensitive travelers, most likely brought into the market because of more intense airline competition, benefit the most. However, performance spillovers do not translate into higher hotel entry.

Journal article

Agarwal S, Ayyagari M, Kosova R, 2022, Minimum wage increases and employer performance: role of employer heterogeneity, Management Science, ISSN: 0025-1909

Despite a large minimum wage literature that analyzes employee outcomes, there is less evidence on firm performance, prices, and quality. Exploiting staggered changes in US minimum wages during 2000-2008 and census data on over 29,000 hotel properties, we find that doubling the minimum wage as currently debated would reduce average hotel revenues by 6%per year and their occupancy rates by 3.1%. Responses vary by employer quality and organizational form. While Luxury hotels pass through cost increases to their customers with no impact on their revenues, Upscale hotels facing more price sensitive customers reduce prices but still suffer losses in occupancy rates and revenues as they struggle with preserving the expected quality level. They are also most likely to see quality downgrades from their segment. The lower end hotels also pass through cost increases to their customers but unlike Luxury hotels face significant declines in occupancy rates and revenues. Overall, the performance effects of minimum wage increases are non-monotonic across quality. We also find negative impacts on hotel entry rates; though the performance and entry effects appear to be short-lived. Furthermore, the negative effects of minimum wages dominate in states without right-to-work regulation, suggesting the need for a more comprehensive approach to labor market regulation.

Journal article

Kosova R, Sertsios G, 2018, An empirical analysis of self-enforcement mechanisms: evidence from hotel franchising, Management Science, Vol: 64, Pages: 43-63, ISSN: 1526-5501

The relational contracts literature suggests that a principal can improve contract self-enforceability by specifying initial requirements that increase the agent’s ex-post rents. Initial requirements specified in hotel franchise agreements — size and quality-tier of hotel — offer a unique empirical setting to test this. Using proprietary data on 5,547 new franchised hotels and their revenues, we find that hotels far away from their franchisor’s headquarters are larger, more likely to belong to a high-quality tier, and generate higher revenues ex-post. This supports the idea that the agent’s ex-post rents can serve as a substitute to the principal’s monitoring intensity in the mitigation of agency problems. Our findings shed light on how formal contract terms can influence informal (relational) contracts between business partners.

Journal article

Povel P, Sertsios G, Kosova R, Kumar Pet al., 2016, Boom and gloom, Journal of Finance, Vol: 71, Pages: 2287-2332, ISSN: 1540-6261

We study the performance of investments made at different points of an investment cycle. We use a large data set covering hotels in the U.S., with rich details on their location, characteristics and performance. We find that hotels built during hotel construction booms underperform their peers. For hotels built during local hotel construction booms, this underperformance persists for several decades. We examine possible explanations for this long-lasting underperformance. The evidence is consistent with information-based herding explanations.

Journal article

Freedman M, Kosova R, 2014, Agency and Compensation: Evidence from the Hotel Industry, Journal of Law, Economics, and Organization, Vol: March 30, Pages: 72-103, ISSN: 8756-6222

Journal article

Kosová R, Lafontaine F, Perrigot R, 2013, Organizational Form and Performance: Evidence from the Hotel Industry, Review of Economics and Statistics, Vol: 95, Pages: 1303-1323, ISSN: 0034-6535

Journal article

Kadiyali V, Kosova R, 2013, Inter-industry employment spillovers from tourism inflows, REGIONAL SCIENCE AND URBAN ECONOMICS, Vol: 43, Pages: 272-281, ISSN: 0166-0462

Journal article

Masten SE, Kosova R, 2013, Post-sale service and the limits of reputation, Industrial and Corporate Change, Vol: Forthcoming., ISSN: 0960-6491

Journal article

Kosova R, Enz CA, 2012, The Terrorist Attacks of 9/11 and the Financial Crisis of 2008: The Impact of External Shocks on U.S. Hotel Performance, CORNELL HOSPITALITY QUARTERLY, Vol: 53, Pages: 308-325, ISSN: 1938-9655

Journal article

Kosova R, LaFontaine F, 2012, Age, Size, and Survival and Growth of Franchise Chains, Publisher: Center for Hospitality Research -Cornell University

Report

Freedman ML, Kosova R, 2012, Agglomeration, product heterogeneity and firm entry, JOURNAL OF ECONOMIC GEOGRAPHY, Vol: 12, Pages: 601-626, ISSN: 1468-2702

Journal article

Kosova R, Lafontaine F, 2012, Much ado about chains: A research agenda, INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION, Vol: 30, Pages: 303-308, ISSN: 0167-7187

Journal article

Kosova R, Freedman M, 2012, Benefits from Agglomeration Within and Between Hotel Segments, Publisher: Center for Hospitality Research - Cornell University

Report

Kosova R, LaFontaine F, Zhao B, 2012, Scale, Scope, Ownership Changes, and Performance, Publisher: SSRN Working Paper

Working paper

Enz CA, Kosova R, Lomanno M, 2011, The Impact of Terrorism and Economic Shocks on U.S. Hotels, Publisher: Center for Hospitality Research -Cornell University

Report

Kosova R, LaFontaine F, 2011, Understanding franchising: A new look at U.S. franchisor activities, Économies et Sociétés, Vol: 45, Pages: 873-892, ISSN: 0013-0567

Journal article

Kosova R, 2010, DO FOREIGN FIRMS CROWD OUT DOMESTIC FIRMS? EVIDENCE FROM THE CZECH REPUBLIC, REVIEW OF ECONOMICS AND STATISTICS, Vol: 92, Pages: 861-881, ISSN: 0034-6535

Journal article

Kosova R, Lafontaine F, 2010, SURVIVAL AND GROWTH IN RETAIL AND SERVICE INDUSTRIES: EVIDENCE FROM FRANCHISED CHAINS, JOURNAL OF INDUSTRIAL ECONOMICS, Vol: 58, Pages: 542-578, ISSN: 0022-1821

Journal article

Kosova R, 2010, Globalization and International Strategies, The Cornell School of Hotel Administration Handbook of Applied Hospitality Strategy, Editors: Enz, Enz, Publisher: SAGE, Pages: 999-1006, ISBN: 9781412905909

Book chapter

Ayyagari M, Kosova R, 2010, Does FDI Facilitate Domestic Entry? Evidence from the Czech Republic, REVIEW OF INTERNATIONAL ECONOMICS, Vol: 18, Pages: 14-29, ISSN: 0965-7576

Journal article

Kosova R, 2009, Starwood Hotels and Resorts Brings Aloft to India, Hospitality Strategic Management, Editors: Enz, Publisher: John Wiley and Sons, Pages: 552-563, ISBN: 9780470083598

Book chapter

Kosová RK, 2007, Foreign Direct Investment. Six Country Case Studies (Book Review), Comparative Economic Studies, Vol: 49, Pages: 467-469

Journal article

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