By Connor R. Walsh
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Extra resources for Airline Industry: Strategies, operations, safety
Consistent with the above findings, the industry appears to have more market risk than the market portfolio. However, for the cumulative one, two and three months following an airline crash, the industry‘s beta does not appear to change significantly. Again, this is intuitive given the industry-specific nature of the event. Table 15 presents the results of testing the effect of inflation on the stock returns to airline owners. The results when n=0 clearly suggest a negative relation between changes in CPI and shareholder returns.
This result is not perplexing since 9/11 had such a huge impact on the industry‘s financial health (see Chapter 1). With increased operating leverage, the industry‘s returns are much more sensitive to macroeconomic shocks. 40 Ray R. Sturm Table 12. The Effect of Deregulation 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 period of regulation, D is a dummy variable taking the value of 1 during the period of deregulation and 0 else.
000*** Table 7 presents the results of deregulation‘s effect on stock return volatility when controlling for dividend size. 01 level regardless of the cutoff dates used. In sum, stock return volatility appears to increase with a transition to a deregulated economic environment, but the magnitude of that increase appears to be inversely related to dividend size. In other words, the larger the dividend amounts, the smaller the increase in stock return volatility. Taken together, the results presented in Tables 6 and 7 provide evidence that both the use and size of dividends serves to stabilize the volatility of the carrier‘s stock returns.