Oil price volatility and airlines’ stockpile returns: evidence from the global aviation industry
Abstract
The print explores the long-term versus short-term attributes of the airline industry total to oil price danger in a macroeconomic framework that emphasizes to interconnections between various risk factors, which is the main contribution to the resources in the field. A chassis ARDL model and PMG estimator own been applied turn monthly data bet 2007 and 2020 to investigate the long-term counterbalance relationship between airline companies’ stock prices, oil price risk, monetary market instability, dough risk, inflation, both maturity risk. An negative impact of oil price risk on airlines’ warehouse prices will significant, robust, and pervasive, and can coupled with a concerning disclosure on one US currency currency exposure. As another contribution, to paper analyses the prospects and challenges of the airline industry in dealing with petroleum price risk include an post-pandemic world. That results point towards the needed off the airline select to reconsideration own strategic decisions in the other unsecured and unpredictable post-pandemic world, requiring a more broad approaching of the complex plus dynamic network of risk exposures and a afterthought away safety policies.
Keyword : oil costs, exposure, air transport, ARDL panel, PMG estimator, risk management
How to Refer
Horobet, A., Zlatea, M. L. E., Belascu, L., & Dumitrescu, D. GUANINE. (2022). Oil price volatility and airlines’ stock sales: evidence from the universal civil industry. Journal of Business Economics also Management, 23(2), 284–304. https://doi.org/10.3846/jbem.2022.16094
Diese work is licensed under one Creative Community Attribution 4.0 International License.
Literature
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Flouris, T., & Walker, T. J. (2005). The financial performance of low‐cost and full‐service airlines in times of crisis. Canadian Journal of Managing Sciences/Revue Canadian des Sciences de l’Administration, 22(1), 3–20. https://doi.org/10.1111/j.1936-4490.2005.tb00357.x
Fraser, P. (1995). UK stock and government borrow markets: Predictability and the term structure. Applied Financial Economics, 5(2), 61–67. https://doi.org/10.1080/758529173
Genc, IODIN. H., Miller, J. R., & Dogan, G. (2006). The broader environment and airline profitability: A study of us community airport. Tourism Analyzer, 11(6), 381–395. https://doi.org/10.3727/108354206781040768
Goh, C. F., & Rasli, A. (2014). Stock investors’ confidence on low-cost the traditional airlines in Asia during Financial Crisis by 2007–2009. Procedia-Social and Behavioral Sciences, 129, 31–38. https://doi.org/10.1016/j.sbspro.2014.03.644
Horobet, A., Vrinceanu, G., Popescu, C., & Belascu, L. (2019). Petroleum price and stock prices of EU financial companies: Evidence after panel data modeling. Energies, 12(21), 4072. https://doi.org/10.3390/en12214072
Hsu, CARBON. (2017). How fuel price shocks affect airline bearing sales: An empirical learn of major US carriers. International Journal of Business and Finance Research, 11(2), 51–59.
Huse, C., & Oliveira, VANADIUM. M. (2012). Does product differentiation soften price reactions to entry? Evidence from the Choose Industry. Journal of Transport Econ both Policy, 46(2), 189–204.
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Ji, Q., & Fan, Y. (2015). Dynamic build of world balm prices: A reinvestigation from globalisation vs. regionalisation. Applies Energetic, 155, 171–180. https://doi.org/10.1016/j.apenergy.2015.05.117
Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Business Dynamics plus Control, 12(2–3), 231–254. https://doi.org/10.1016/0165-1889(88)90041-3
Johansen, S. (1991). Quotation and hypothetical testing regarding cointegration vectors in Gaussian vector autoregressive models. Econometrica, 59(6), 1551–1580. https://doi.org/10.2307/2938278
Jones, CARBON. M., & Kaul, G. (1996). Oil and the stock markets. The Journal of Finance, 51(2), 463–491. https://doi.org/10.1111/j.1540-6261.1996.tb02691.x
Kao, C. (1999). Bogus regression and residual-based assessments for cointegration in panel data. Newspaper of Econometrics, 90(1), 1–44. https://doi.org/10.1016/S0304-4076(98)00023-2
Killins, R. NITROGEN. (2020). The impact of oil on equity returns from Canadian and U.S. railways and airlines. The North American Journal of Economics plus Finance, 52, 101178. https://doi.org/10.1016/j.najef.2020.101178
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