Airline Fuel Hedging and Management Ownership

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Korkeamäki , T , Liljeblom , E & Pfister , M 2016 , ' Airline Fuel Hedging and Management Ownership ' , The Journal of Risk Finance , vol. 17 , no. 5 , pp. 492-509 . https://doi.org/10.1108/JRF-06-2016-0077

Title: Airline Fuel Hedging and Management Ownership
Author: Korkeamäki, Timo; Liljeblom, Eva; Pfister, Markus
Contributor: Hanken School of Economics, Finance, Helsinki
Hanken School of Economics, Finance, Helsinki
Belongs to series: The Journal of Risk Finance
ISSN: 1526-5943
Abstract: We study whether hedging affects firm value within the U.S. airline industry. In contrast to prior work in the area, we study hedging during a time window that includes periods of very high price risk. We find a relatively weak relationship between firm value and hedging. We further find that management ownership increases the firm’s degree of hedging. Finally, we find that especially during periods when firms are more heavily exposed to fuel price risk, the market value of passive hedgers is significantly higher than that of selective hedgers.
Date: 2016-12
Subject: 512 Business and Management
airline fuel
hedging
management ownership
KOTA2016
0 - Not open access
1 - Self archived
https://helda.helsinki.fi/dhanken/handle/123456789/167653
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