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By Connor R. Walsh

This booklet provides a complete overview of the concepts, operations and safeguard of the airline undefined. issues mentioned herein comprise a monetary heritage and research of the U.S. airline undefined; outsourcing techniques of full-service airways; measuring and benchmarking airport potency; provider caliber and inner variations between contributors of the airline alliances; measures used to time table airline workforce lower than a variable workload utilizing fastened days on and days off styles; and common flyer mile utilization between passengers.

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Extra info for Airline Industry: Strategies, Operations and Safety (Transportation Infrastructure - Roads, Bridges, Highways, Airports and Mass Transit)

Sample text

The second column presents the results when the pre-9/11 period begins in April 1935, the third column presents the results when the pre-9/11 period only includes post-regulation data and the last column presents the results with the pre and post-9/11 periods have the same number of observations. Interestingly, the only period during which the industry‘s beta is significantly different from unity is when the period of regulation is included in the sample. Subsequently, the industry‘s market risk does not appear to be significantly different from the market portfolio.

The Effect of Deregulation 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 period of regulation, D is a dummy variable taking the value of 1 during the period of deregulation and 0 else. Therefore, β2 is industry‘s excess market risk during the period of deregulation. 00 and β2 = 0.

S. Airline Industry 33 than their non-regulated counterparts. Hence, owners of dividend paying carriers appear to incur lower portfolio risk than owners of non-dividend paying carriers. IV. THE RISKS OF AIRLINE OWNERSHIP The Capital Asset Pricing Model (CAPM) distinguishes between two general sources of risk – specific and systematic. According to the CAPM, systematic risk is the only concern to investors in a well-diversified portfolio and is proxied for using returns on the market portfolio. But, these broad classifications overlook the sources of risk unique to an industry.

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