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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。

Introduction:

1. Background

Fuel costs have substantially risen over the past several years putting consistent pressure on airlines to maintain positive cash flows. Particularly the astonishing rises in the oil volatility since 2007. Under this big pressure, some airlines even go bankrupt. Since that, fuel hedging becomes more and more essential is clear from the disclosures about their https://www.51lunwen.org/jrfx/ hedging programs that appear in many of their annual financial statements. So a lot of researches become interest in whether fuel hedging will increase the Airlines’ value.

By the way, it seems difficult for Airlines to be successful in fuel hedging. In the history data of fuel hedging in Airline industry, we can easily find a lot of huge loss, especially in the developing country. Such as China Eastern Airlines, in the early of 2009 Eastern Airlines confirm that they make an almost 100 million dollars float loss in the furl hedging.

2. Research Objective

Literature Review

1. Relationship between hedging and firm’s value
2. Derivative selection.

Methodology

1. Estimate the database
2. Data Analyze.

Summarize

This dissertation will be the develop research for what Carter et al. investigate in 2003. The time period of my database will be last to 2008, and not only focused on the US airline industry, but also the airline in the world. Furthermore, I will investigate the derivative market, and analyze how to choose a logical hedging portfolio for airlines. VaR system will be established to examine the risk of fuel hedging. This VaR will help us to know why huge loss happens.

Reference:

Allayannis, George, and James P. Weston, 2001, The use of foreign currency derivatives and firm market value, Review of Financial Studies 14, 243-276.

Carter, David A., Daniel A. Rogers, and Betty J. Simkins (2003), \Does fuel hedging
make economic sense? The case of the U.S. airline industry." Mimeo, Oklahoma
State University.

Dufey, G., and S.L. Srinivasulu 1983. “The Case for Corporate Risk Management of Foreign Exchange Risk.” Financial Management 12:4: 54-62.

Modigliani, F., and M.H. Miller 1958. “The Cost of Capital, Corporation Finance, and the Theory of Investment.” American Economic Review 48:3: 261-297.

Cobbs, R., and Wolf, A., 2004. “Jet Fuel Hedging Strategies: Options Available for Airlines and a Survey of Industry Practices” Finance 467 . Spring 2004

Jorion, P(1997). Value at Risk, the New Benchmark for Managing. Financial Risk, McGraw-Hill, 1997

Xu, K., Dan, C., and Gu, H., 2006 “The Impact of Hedging on Stock Return and Firm Value: New Evidence from Canadian Oil and Gas Companies”. JEL classi_cation: G100, C100