By Connor R. Walsh
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Extra resources for Airline Industry: Strategies, operations, safety
To gain a broad perspective, first, the pre-event period is defined as April 1935 through August 2001. Then, to control for the effects of regulation, the pre-event period is defined as January 1988 through August 2001. Finally, to equate the number of time periods during the pre and post event period, the preevent period is defined as June 1999 through August 2001. The last analysis tests the effect of crashes on industry-wide stock return volatility. Data are collected from Bosch, Eckard and Singal (1998) and updated through 2003 from the National Transportation Safety Board.
Airline Industry 25 Table 4. (Continued) Adj R2 Int β1 Panel D. 10 levels respectively. Summary and implications Fama and French (2000) document a mean-reversion tendency in earnings behavior – excluding unregulated industries because of a potential difference in behavior. In this section, using the airline industry as an experimental setting, I test whether earnings behavior is in fact affected by economic regulation. My findings suggest that airline profits are mean-reverting consistent with Fama and French (2000), but that this behavior is largely unaffected by the industry‘s deregulation.
Therefore, Panels B – D present the results of these tests. Panels B – D show the dummy coefficients for the respective period, which captures the excess relation for each variable. Panel B presents the excess coefficients during the period of regulation, none of which are significantly different from zero. Panel C presents the excess coefficients during the phase-out period and show significant results for United and American airlines. However, these results must be interpreted with caution due to the small sample size of only eight years.
Airline Industry: Strategies, operations, safety by Connor R. Walsh