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FUEL HEDGING STRATEGY IN AIRLINE INDUSTRY

论文作者:英语毕业论文论文属性:硕士毕业论文 thesis登出时间:2012-09-07编辑:tinkle点击率:5948

论文字数:12987论文编号:org201209071421384905语种:英语 English地区:英国价格:$ 132

关键词:Fuel hedgingAIRLINE INDUSTRYAsia-Pacific airlines

摘要:英国金融学硕士毕业论文:需要eviews进行数据分析以及建模,写作字数12000字,是英国利物浦大学学生的代写需求,由英语论文网提供并撰写。

论文题目:Fuel hedging strategy in airline industry
论文语种:英文
您的研究方向:金融
是否有数据处理要求:是
您的国家:英国
您的学校背景:liverpool john moors
要求字数:1万2字
论文用途:硕士毕业论文 Master Degree
是否需要盲审(博士或硕士生有这个需要):否
补充要求和说明:需要用相关模型进行分析,用EVIEWS进行数据处理。关于提交的附件里面有大概的要求,但是附件里面所提到的分析模型可能并不适用,需要代写者自行斟酌。

 

FUEL HEDGING STRATEGY IN AIRLINE INDUSTRY

 

  ABSTRACT


Fuel hedging proves costly for Asia-Pacific airlines. They have cut their fuel hedging plans as measures for implementing cost-saving on excessive premium https://www.51lunwen.org/Accounting/ costs, as the international oil prices fell sharply than previous years after the financial crisis. However, they have to hold a steady percentage to shield against fuel price fluctuation. As we can see that it’s not always very easy for every airline company to make successful fuel hedging. From the fuel hedging data of airlines, lots of huge loss cases can be found, especially in the developing country. For example, on January 11, 2009, China Eastern Airlines posted a loss of 100 million dollars for its fuel hedging contracts.

This thesis will try to find whether hedging behavior bring incremental value for the airline companies. It researches the fuel hedging data of companies in the Asia-Pacific airline industry from 2006 to 2009. By introducing the econometric software Eviews 6.0 and the statistical software SPSS 10.0, it comes to the empirical results that among all the Asia-Pacific airlines who hedged for fuel needs, it brought about 54.7% of value increasing for these companies. And it was much higher compared to the result found by Carter et al. (2006) that the American airlines could get 10% value increasing.

 

TABLE OF CONTENTS
1 Introduction 6
1.1 Background 6
1.2 Statement of the Research Problems 7
1.2.1 Why We Study This Issue 7
1.2.2 Research Objectives 9
1.3 Structure of the Dissertation 10
2 Literature Review 11
2.1 Relationship between Hedging Activity and Company Value 11
2.2 Hedging Rationales and Motives in Airline Industry 15
2.3 Research Methods Used in Some Existing Literatures 18
2.3.1 Methods for Researching Relationship between Hedging and Company Valuef 18
2.3.2 Researching Methods for Fuel Hedging Strategies Selection 19
2.4 Existing Hedging Strategies for Airlines to Manage Risk of Fuel Price Variation 22
2.4.1 Airline Companies’ Instruments for Fuel Hedging 23
2.4.2 A Variety of Fuel Hedging Strategies 27
3 Data and Methodology 30
3.1 Research Design and Methods 30
3.1.1 Representative for Firm Value 30
3.1.2 Hedging Variables 31
3.1.3 Settings of Regression Model 32
3.2 Data Sources and Sample Selection 34
3.3 Validity and Reliability of Research Methods 35
4 Empirical Results 37
4.1 Summary Results of Sample Filtering 37
4.2 Tobin’s Q and Leverage 38
4.3 Correlation Judgment 39
4.4 Results of the Regression Analysis 40
5 Explanation and Discussion on the Empirical Results 43
5.1 Various Hedging Strategies for Managing Fuel Price Fluctuation Risk 43
5.1.1 Successful and Unsuccessful Operations before July 2008 43
5.1.2 The Huge 论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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