Airline Industry: Strategies, Operations and Safety by Connor R. Walsh

By Connor R. Walsh

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Extra resources for Airline Industry: Strategies, Operations and Safety (Transportation Infrastructure: Roads, Highways, Bridges, Air)

Sample text

Because of the transition from regulation to competition, the airline industry provides a unique opportunity to test this inference. Therefore, in this section, I test the variability of stock returns for dividend payers in the airline industry. The above findings suggest that returns should be more (less) volatile during deregulation (regulation). Methodology The Airline Industry‘s ordinary dividend distribution history is obtained from the CRSP monthly database for the period 1929-2003. All firms with SIC codes of 4500, 4511 or 4512 are used and the results are presented in Table 5.

Pre 1982 Adj. 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.

That is, intuition suggests that the increased stock return volatility reflects the increased risk carriers face when they are no longer enjoying the benefits associated with economic regulation. However, not only do the owners of dividend paying carriers suffer increased risk in their portfolios, but consistent with the findings of Baker (1999), the volatility of returns for dividend payers is considerably lower than for non-dividend payers. S. 0%. 5% for dividend payers. Panel B of Table 6 presents the results of using December 31, 1977 as the cutoff date for the period of regulation – these results are very similar to the results in Panel A.

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