Impact of Aircraft Sourcing & Financing on Financial Success: A strategic view on basic aircraft sourcing & financing characteristics and their impact on stock market and long term financial performance of aircraft operating and holding companies

Description

Airlines follow different strategies of aircraft sourcing and financing. Basic decisions include the choice of buy versus lease and long term versus short term acquisition of aircraft. Additional fleet and fleet planning characteristics include the desired fleet size, average aircraft age, or possible surplus in capacity. Do these variables have an impact on financial success? Taking the perspective of a shareholder, the author uses multivariate regression methodology to evaluate abnormal returns in stock market's reaction to the terrorist attacks on September 11, 2001, the Financial Crisis 2008, and to aircraft accidents and aircraft orders 1994–2009. In further regression analyses the relationship of fleet variables to a company's revenue growth and profitability is examined. Potential readerships include researchers and practitioners with interest in how decisions could be taken in favor of shareholders in an aircraft fleet planning context. Front Matter ....Pages I-XXIII Introduction (Ralf Günther)....Pages 1-9 Basics of aircraft sourcing and financing (Ralf Günther)....Pages 11-35 Development of the air capacity market (Ralf Günther)....Pages 37-44 Financial performance of airlines and airline holdings (Ralf Günther)....Pages 45-53 Summary of current situation and link to research topic (Ralf Günther)....Pages 55-56 Research hypotheses and scope (Ralf Günther)....Pages 57-75 Analysis of fleet planning decisions and financial success (Ralf Günther)....Pages 77-193 Discussion of results against hypotheses and literature (Ralf Günther)....Pages 195-201 Conclusion and recommendation (Ralf Günther)....Pages 203-204 Back Matter ....Pages 205-247