Airline Industry: Strategies, operations, safety by Connor R. Walsh PDF

By Connor R. Walsh

ISBN-10: 1611224233

ISBN-13: 9781611224238

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Similarly, for the +3 event study, only August and October of 1994 is considered. Market risk To test the change in the industry‘s market risk, the carriers‘ stock returns are first averaged as above. Then the following model is estimated: Rett = α + (β1 + D β2)RMt + εt 2 The F-test is not convenient for the effects of inflationary pressures. (2) 36 Ray R. Sturm where Rett is the monthly average returns at time t and RMt is the returns without dividends on the S&P Composite at time t. The dummy variable takes the value of 1 during the period of deregulation, 0 during the period of regulation, 1 during the post-crash period, 0 else, and1 during the post-9/11 period, 0 else.

Difference of means regressions Consistent with Chapter 3b, the standard deviation of monthly returns without dividends is averaged for each year for all carriers. Next, a difference of means regression is employed as follows: ζit = α 1 + α 2Dt + α 3Divit + εt (1) where ζit is the estimated population‘s standard deviation of monthly returns during year t extrapolated from the sample for carrier i, and D is a dummy variable taking the value of 1 during the post-event period and 0 else. The periods tested are regulation, crashes and 9/11.

10 levels respectively. Adj. 000*** Table 7 presents the results of deregulation‘s effect on stock return volatility when controlling for dividend size. 01 level regardless of the cutoff dates used. In sum, stock return volatility appears to increase with a transition to a deregulated economic environment, but the magnitude of that increase appears to be inversely related to dividend size. In other words, the larger the dividend amounts, the smaller the increase in stock return volatility. Taken together, the results presented in Tables 6 and 7 provide evidence that both the use and size of dividends serves to stabilize the volatility of the carrier‘s stock returns.

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Airline Industry: Strategies, operations, safety by Connor R. Walsh


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