Flying with(out) a safety net: Financial hedging in the airline industry
Transportation Research Part E: Logistics and Transportation Review(2019)
摘要
•We test hedging theories (fuel, FX & interest rates) to global panel of 100 airlines.•Fuel price hedging decreases EBIT margin volatility (mitigating financial risks).•Fuel hedging not impacting op. profitability & opcost (ineffective speculative tool).•Low current ratios increase profits; liquidity is key in capital intensive industries.
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关键词
Airlines,Risk management,Integrated financial hedging,Corporate strategy,Competitive advantage
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