Operational and Financial Hedging: Friend or Foe?Evidence from the U.S. Airline Industry
作者： David A. Carter , Daniel A. Rogers , Betty J. Simkins , Stephen D. Treanor
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摘要: This paper analyzes three operational hedges that are at the disposal of an airline to determine if and financial complements or substitutes. The studied are: fleet composition, fuel efficiency, whether is leased. We find with respect composition airlines more likely use derivatives. However, we do not a statistically significant relation between efficiency leased hedging. Consistent prior research, derivatives increases firm value. surprisingly, actually decreases value firm.
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