Go to EHL Faculty
Dr Cindy Heo

Dr Cindy Heo


PhD in Business Administration, Temple University


Associate Professor

Teaching Subject(s)

Revenue Management
Revenue Management for Market Leaders

Area(s) of Expertise

Revenue management
Sharing economy

Short Bio

Dr Cindy Heo is an Associate Professor of revenue management at the Ecole hôtelière de Lausanne. Prior to joining EHL, She taught revenue management course at the Hong Kong Polytechnic University and has delivered custom executive education programs on revenue management in Asia, Middle East, and Europe.

Dr Heo is a recipient of numerous research awards including EHL Researcher of the Year Award, Best Paper Award from APAC CHRIE conference and ICOT Young Scientist Award. Her scholarly research and industry consulting focus on the core strategic elements of revenue management, pricing and sharing economy. Prior to joining academia, she had extensive industry experience in the hospitality and tourism fields.

Publications in Peer-Reviewed Journals

Poretti, C., & Heo, C. Y. (Forthcoming). Asset-light strategies and stock market reactions to COVID-19’s pandemic announcement: The case of hospitality firms. Tourism Economics. https://doi.org/10.1177/13548166211005198
Xie, K., Heo, C., & Mao. Z. (2021). Do professional hosts matter? Evidence from multi-listing and full-time hosts in Airbnb. Journal of Hospitality and Tourism Management, 47, 413-421. https://doi.org/10.1016/j.jhtm.2021.04.016
Bianchi, G., & Heo, C. (Forthcoming). A Bayesian statistics approach to hospitality research. Current Issues in Method and Practice. https://doi.org/10.1080/13683500.2021.1896486
Blengini, I., & Heo, C. (2020). How do hotels adapt their pricing strategies to macroeconomics factors? International Journal of Hospitality Management, vol. 88, 102522. https://doi.org/10.1016/j.ijhm.2020.102522
Heo, C. Y., & Blengini, I. (2020). 3rd Revenue Management & Pricing in Services Conference (2019 RevME Europe). Journal of Revenue Pricing Management, 19, 140-143. https://doi.org/10.1057/s41272-020-00233-7

Xie, K.L., Kwok, L., & Heo, C. (2020). Are Neighbors Friends or Foes? Assessing Airbnb Listings’ Agglomeration Effect in New York City. Cornell Hospitality Quaterly, 61(2), 128-141. https://doi.org/10.1177%2F1938965519890578

Heo, C. Y., Blal, I., & Choi, M. (2019). What is happening in Paris? Airbnb, hotels, and Parisian. Tourism Management, 70, 78-88. https://doi.org/10.1016/j.tourman.2018.04.003

Kim, B., Kim, S. S., Heo, C. Y., & King, B. (2019). Luxurious or economical? An identification of tourists’ preferred hotel attributes using best-worst scaling (BWS). Journal of Vacation Marketing, 25(2), 162-175. https://doi.org/10.1177%2F1356766718757789

Kim, B., Kim, S. S., & Heo, C. Y. (2019). Consequences of customer dissatisfaction in upscale and budget hotels: focusing on dissatisfied customers’ attitude toward a hotel. International Journal of Hospitality & Tourism Administration, 20(1), 15-46. https://doi.org/10.1080/15256480.2017.1359728

Heo, C., & Blengini, I. (2019). A macroeconomic perspective on Airbnb’s global presence. International Journal of Hospitality Management, 78, 47-49. https://doi.org/10.1016/j.ijhm.2018.11.013
Choi, M., Law, R., & Heo, C. Y. (2018). An investigation of the perceived value of shopping tourism. Journal of Travel Research, 57(7), 962–980. https://doi.org/10.1177%2F0047287517726170

Heo, C. Y., Kim, S. S., & Kim, B. (2018). Investigating the impact of relationship quality during internship on Millennials’ career decisions and gender differences. Journal of Hospitality and Tourism Education, 30(2), 71-84. https://doi.org/10.1080/10963758.2018.1436969

Heo, C. Y. (2017). New performance indicators for restaurant revenue management: ProPASH and ProPASM. International Journal of Hospitality Management, 61, 1-3. https://doi.org/10.1016/j.ijhm.2016.10.005

Qu, X., Heo, C. Y., & Lee, S. (2017). How do consumers’ perceptions differ across dimensions of corporate social responsibility and hotel types? Journal of Travel & Tourism Marketing, 34(5), 694-707. https://doi.org/10.1080/10548408.2016.1232671

Kim, B., Kim, S. S., & Heo, C. Y. (2016). Analysis of satisfiers and dissatisfiers in online hotel reviews on social media. International Journal of Contemporary Hospitality Management, 28(9), 1915-1936. https://doi.org/10.1108/IJCHM-04-2015-0177

Heo, C. Y. (2016). Sharing economy and prospects in tourism research. Annals of Tourism Research, 58, 156–170. https://doi.org/10.1016/j.annals.2016.02.002

Heo, C. Y. (2016). Exploring group-buying platforms for restaurant revenue management. International Journal of Hospitality Management, 52, 154–159. https://doi.org/10.1016/j.ijhm.2015.07.009
Choi, M. J., Law, R., & Heo, C. Y. (2016). Shopping destinations and trust – Tourist Attitudes: Scale development and validation. Tourism management, 54, 490-501. https://doi.org/10.1016/j.tourman.2016.01.005

Masiero, L., Pan, B., & Heo, C. Y. (2016). Asymmetric preference in hotel room choice and implications on revenue management. International Journal of Hospitality Management, 56, 18-27. https://doi.org/10.1016/j.ijhm.2016.03.009

Choi, M., Heo, C. Y., & Law, R. (2016). Progress in shopping tourism. Journal of Travel & Tourism Marketing, 33, 1-24. https://doi.org/10.1080/10548408.2014.969393

Heo, C. Y., & Lee, S. (2016). Examination of student loyalty in tourism and hospitality programs: A comparison between the United States and Hong Kong. Journal of Hospitality, Leisure, Sport & Tourism Education, 18, 69-80. https://doi.org/10.1016/j.jhlste.2016.03.003

Choi, M., Heo, C. Y., & Law, R. (2016). Developing a typology of Chinese shopping tourists: An application of the Schwartz' model of universal human values. Journal of Travel and Tourism Marketing, 33, 141-161. https://doi.org/10.1080/10548408.2014.997961

Heo, C. Y., & Hyun, S. S. (2015). Do luxury room amenities affect guests' willingness to pay? International Journal of Hospitality Management, 46, 161-168. https://doi.org/10.1016/j.ijhm.2014.10.002

Masiero, L., Heo, C., & Panc, B. (2015). Determining guests’ willingness to pay for hotel room attributes with a discrete choice model. International Journal of Hospitality Management, 49, 117-124. https://doi.org/10.1016/j.ijhm.2015.06.001

Heo, C., Kim, S., & Kim, S. (2015). Assessment of TV Drama/Film Production Towns as a Rural Tourism Growth Engine. Asia Pacific Journal of Tourism Research, 20(7), 730-760. https://doi.org/10.1080/10941665.2014.927378

Wang. X-L., Heo, C-Y., Schwartz, Z., Legohérel, P., & Specklin, F. (2015). Revenue Management: Progress, challenges, and research prospects. Journal of Travel & Tourism Research, 32(7), 797-811. https://doi.org/10.1080/10548408.2015.1063798

Su. M., Heo, C. Y., & Leung, D. (2014). Hotel employees’ perception of the Statutory Minimum Wage Policy in Hong Kong. Asia Pacific Journal of Tourism Research, 19(11), 1306-1326. https://doi.org/10.1080/10941665.2013.852115

Heo, C. Y., Lee, S., Mattila, A., & Clark, H. (2013). Restaurant revenue management: Do perceived scarcity of capacity in a restaurant and price difference matter? International Journal of Hospitality Management, 35, 316-326. https://doi.org/10.1016/j.ijhm.2013.05.007

Kang, K. H., Laura, S., Heo, C. Y., & Lee, S. (2012). Consumers’ willingness to pay for green initiatives of the hotel industry. International Journal of Hospitality Management, 31(2), 564-572. https://doi.org/10.1016/j.ijhm.2011.08.001

Heo, C. Y., & Lee, S. (2011). Influences of consumer characteristics on fairness perceptions of revenue management pricing in the hotel industry. International Journal of Hospitality Management, 30(2), 243-251. https://doi.org/10.1016/j.ijhm.2010.07.002

Lee, S., Koh, Y., & Heo, C. Y. (2011). Internationalization of U.S. publicly traded restaurant companies: Transaction cost economics perspective. Tourism Economics, 17(20), 465-471. https://doi.org/10.5367%2Fte.2011.0041

Heo, C. Y., & Lee, S. (2010). Customers’ perceptions of demand-driven pricing in revenue management context: Comparisons of six tourism and hospitality industries. International Journal of Revenue Management, 4(3/4), 382-402. http://dx.doi.org/10.1504/IJRM.2010.036030

Lee, H., Hyun, S., & Heo, C. Y. (2010). Examining a model of website loyalty formation in the hospitality industry. Journal of Tourism and Leisure Research, 22(4), 483-501.

Hyun, S., & Heo, C. Y. (2010). Word of mouth formation in the chain restaurant industry. Journal of the East Asian Society of Dietary Life, 20(4), 606-618.

Funded Research Projects

Heo, C., Project: Hotel Intelligent System using Machine Learning and Cognitive Tools (Hotelnet), Date: 01.01.2020 to 31.12.2020, Private Funding.
Heo, C., Project: Identify the scope of Revenue Management practices for SME hotels around the world (MultiMicroCloud), Date: 01.01.2017 to 31.12.2018, Private Funding.
Heo, C., Project: How should SME hotels in Switzerland cope with growing threats from Airbnb: Identifying competitive advantages of SME hotels in the era of the shared economy, Date: 01.01.2016 to 31.03.2017, External Fundraising: HES-SO.


Emerald Literati Network Awards for Excellence: a Highly Commended Paper EHL Researcher of the Year Award (2017)
Best Paper Award at World Conference on Hospitality, Tourism, and Event Research (2015)
Best Paper Award at Global Tourism & Hospitality Conference and Asia Tourism Forum (2014)
Young Scientist Award at International Conference on Tourism, Cyprus, June 2013 Best Paper Award at APAC CHRIE Youth conference (2013)
Best Paper Award at EJTHR International Conference (2012)
Best Paper Award at Academic Paper Competition on Casino Management (2007)