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

By Connor R. Walsh

ISBN-10: 1611224233

ISBN-13: 9781611224238

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Additional info for Airline Industry: Strategies, operations, safety

Example text

Note also that in the presence of 9/11, the negative relation between volatility and dividends dissipates. This suggests that the previously documented negative relation may have been capturing the effect of 9/11 on carrier profits and the industry‘s future financial health. S. Airline Industry 37 Table 8. The Effect of Deregulation on Stock Return Volatility This table presents the results of the following difference of means test: ζt = α 1 + α 2Dt + α 3Divt + εt where ζt is the estimated population‘s standard deviation of monthly returns during year t extrapolated from the sample, α is the standard deviation of monthly returns during the period of regulation, α 2 is the excess standard deviation during the period of deregulation, D is a dummy variable taking the value of 1 during the period of deregulation and 0 else, and Divt is the total amount of dividends paid during year t.

163 Table 13. The Effect of 9/11 on the Industry’s Market Risk This table presents the results of the following single-index model test: Rett = α + (β1 + D β2 ) Rmt + εt where Rett is the industry mean of monthly returns during month t, α is the intercept, β1 is the industry‘s market risk during the pre-9/11 period, D is a dummy variable taking the value of 1 during the post-9/11 period 0 else. Various pre-9/11 periods are defined to control for deregulation and to equate the pre and post event sample sizes.

These carriers provide the longest time series of all carriers, rendering them ideal to proxy for the effect of regulation on earning‘s behavior. Further, consistent with Chapter 4, using these carriers effectively controls for potential biases in earnings behavior caused by financial distress and size. More specifically, Survivorship bias has been an issue in the study of mutual fund performance in recent studies. Elton, Gruber and Blake (1996) as well as others, note that studying only surviving mutual funds introduces a positive bias into fund performance – the goal of which is generally to determine the effect on investors‘ wealth from the allocation of wealth to the funds.

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


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