The non-motorized air systems for intelligence, monitoring and control of the earth surface have gained currency and are used for various tactic flight’s tasks and missions. The non-motorized aircrafts (NMA) and the air-monitoring systems that include board and land part are key elements of these systems. The world experience in using NMA for these uses shows that they are most suitable where the exploitation conditions are very extreme and there is an unacceptable risk for operations of piloted aviation. Such are intelligence and observation of strictly guarded sites, zones, where military operations are conducted as well as regions with large scale fires and floods. The use of people in these conditions is connected with actual threat for their lives and practically, NMA as a tool for collecting and processing of information is irreplaceable. Keywords: registration of images, methods, information systems, non-motorized aircrafts.
{"title":"Analysis of the Methods for Registration of Images Received from the Information Systems of Non-Motorized Aircrafts","authors":"V. Terziev, T. Petrova","doi":"10.2139/ssrn.3477193","DOIUrl":"https://doi.org/10.2139/ssrn.3477193","url":null,"abstract":"The non-motorized air systems for intelligence, monitoring and control of the earth surface have gained currency and are used for various tactic flight’s tasks and missions. The non-motorized aircrafts (NMA) and the air-monitoring systems that include board and land part are key elements of these systems. The world experience in using NMA for these uses shows that they are most suitable where the exploitation conditions are very extreme and there is an unacceptable risk for operations of piloted aviation. Such are intelligence and observation of strictly guarded sites, zones, where military operations are conducted as well as regions with large scale fires and floods. The use of people in these conditions is connected with actual threat for their lives and practically, NMA as a tool for collecting and processing of information is irreplaceable.\u0000Keywords: registration of images, methods, information systems, non-motorized aircrafts.","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121625993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The use of commercial aviation has grown significantly over the last six- seven decades, estimated to be more than seventy-fold since the first jet airliner flew in 1949. This rapid growth is attributed to a number of factors.
This is determined by the economic development of different countries. On the other hand, air transport is one of the drivers of economic growth.
Despite all the differences, Russia and Turkey are closely linked both historical and economic. Therefore, from the point of view of aviation management cognitive compare the flag airlines of these countries: Turkish Airlines and Aeroflot.
This was done in this article. Some options for improving the work of these airlines, based on the personal experience of the authors.
{"title":"Turkish Airlines Versus Aeroflot","authors":"A. Eremichev, M. Aslanov","doi":"10.2139/ssrn.3390667","DOIUrl":"https://doi.org/10.2139/ssrn.3390667","url":null,"abstract":"The use of commercial aviation has grown significantly over the last six- seven decades, estimated to be more than seventy-fold since the first jet airliner flew in 1949. This rapid growth is attributed to a number of factors.<br><br>This is determined by the economic development of different countries. On the other hand, air transport is one of the drivers of economic growth.<br><br>Despite all the differences, Russia and Turkey are closely linked both historical and economic. Therefore, from the point of view of aviation management cognitive compare the flag airlines of these countries: Turkish Airlines and Aeroflot. <br><br>This was done in this article. Some options for improving the work of these airlines, based on the personal experience of the authors.","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131930764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper used three asset pricing model which is Capital Asset Pricing Model, Arbitrage Pricing Theory, and Dividend Growth Model to calculate the expected return of four companies including Amazon, Southwest Airlines, JP Morgan Chase, and Exelon Corporation. Then, will use the result to compare with the actual return to test which model is more accurate and which company has the highest return. These companies are the largest one in their own industry (E-commerce, Airlines, Bank, and Energy). The data is mainly gathered from Yahoo finance, Federal Reserve Bank of St. Louis, and NASDAQ. The paper found that CAPM is the most accurate model in predicting the expected return of the asset. And when look at the expected return computed using CAPM, the company that have the highest return is JP Morgan Chase.
{"title":"Asset Pricing Model: The Precisely One to Predict Expected Return","authors":"Pattaraporn Hiranto","doi":"10.2139/ssrn.3324830","DOIUrl":"https://doi.org/10.2139/ssrn.3324830","url":null,"abstract":"The paper used three asset pricing model which is Capital Asset Pricing Model, Arbitrage Pricing Theory, and Dividend Growth Model to calculate the expected return of four companies including Amazon, Southwest Airlines, JP Morgan Chase, and Exelon Corporation. Then, will use the result to compare with the actual return to test which model is more accurate and which company has the highest return. These companies are the largest one in their own industry (E-commerce, Airlines, Bank, and Energy). The data is mainly gathered from Yahoo finance, Federal Reserve Bank of St. Louis, and NASDAQ. The paper found that CAPM is the most accurate model in predicting the expected return of the asset. And when look at the expected return computed using CAPM, the company that have the highest return is JP Morgan Chase.","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133823241","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study explores how the literature regarding internationalization of airline industry and New Institutional Economics (NIE) interconnect. Through a computational bibliometric analysis, an initial sample of 967 articles contemplating research between 1970 and 2018 is investigated to check appearance of terms related to NIE and, ultimately, to obtain a comparison between the evolution of NIE reasoning and its impact on the air transport industry internationalization literature. Four main research questions are proposed and results may clarify the extent to which airline internationalization has been under discussion with regards to institutional environments, hybrid forms of organization and governance.
{"title":"Exploring Relations Between New Institutional Economics and International Business: Addressing the Air Transport Industry","authors":"E. Schneider, H. Bettini","doi":"10.2139/ssrn.3394275","DOIUrl":"https://doi.org/10.2139/ssrn.3394275","url":null,"abstract":"This study explores how the literature regarding internationalization of airline industry and New Institutional Economics (NIE) interconnect. Through a computational bibliometric analysis, an initial sample of 967 articles contemplating research between 1970 and 2018 is investigated to check appearance of terms related to NIE and, ultimately, to obtain a comparison between the evolution of NIE reasoning and its impact on the air transport industry internationalization literature. Four main research questions are proposed and results may clarify the extent to which airline internationalization has been under discussion with regards to institutional environments, hybrid forms of organization and governance.","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116928008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The essential cause of the ‘Valley of Death’ (VoD) is the reluctance of the private sector to invest in technologies which are perceived as immature. However, uncertainty about whether a new product or technology complies with regulatory frameworks may also have an important effect on private sector investments. We use the cases of the Critical Path Initiative, in the pharmaceutical industry, and the Advanced General Aviation Transportation Experiments, in the general aviation industry, to analyze the role of regulatory agencies in decreasing three different types of regulatory uncertainty along the VoD. We find that regulatory agencies play an important role as a social glue which helps coordinate industry-wide efforts. Based on the comparison between the two cases, we create theory to explain the effect of regulatory uncertainty on the shape of the VoD. Our theoretical framework may help agencies detect the major sources of regulatory uncertainty, and adapt their policies accordingly to facilitate the traverse of emerging technologies across the VoD.
{"title":"The Role of Regulators in Mitigating Uncertainty within the Valley of Death","authors":"Jaime Bonnín Roca, E. O’Sullivan","doi":"10.2139/ssrn.3444946","DOIUrl":"https://doi.org/10.2139/ssrn.3444946","url":null,"abstract":"Abstract The essential cause of the ‘Valley of Death’ (VoD) is the reluctance of the private sector to invest in technologies which are perceived as immature. However, uncertainty about whether a new product or technology complies with regulatory frameworks may also have an important effect on private sector investments. We use the cases of the Critical Path Initiative, in the pharmaceutical industry, and the Advanced General Aviation Transportation Experiments, in the general aviation industry, to analyze the role of regulatory agencies in decreasing three different types of regulatory uncertainty along the VoD. We find that regulatory agencies play an important role as a social glue which helps coordinate industry-wide efforts. Based on the comparison between the two cases, we create theory to explain the effect of regulatory uncertainty on the shape of the VoD. Our theoretical framework may help agencies detect the major sources of regulatory uncertainty, and adapt their policies accordingly to facilitate the traverse of emerging technologies across the VoD.","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126835047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
New airline models are generational developments. For a particular market segment, a new model will be introduced perhaps every thirty years. Any new model will contain many innovations over the older model it supplants. Developing these innovations into an airliner introduces uncertainties, implying cost-performance risks. Airliner assemblers – primarily the Boeing-Airbus duopoly – don’t internally produce all of the subassemblies that undergo innovation in route to becoming part of a new model. Rather, they contract for a subset of these subassemblies from a supplier base that contains just a few firms capable of the needed innovations. This motivates the view that an airliner assembler’s firm boundary is defined by strategic concerns; namely, the suppliers’ have market power rather than existing in competitive industries. In the case of the 787, Boeing organized subassembly development and production using a type of risk-bearing contract that induced, and then ignored, strategic effects among subassembly suppliers due to interdependent innovation. The result was likely underinvestment in innovation by all suppliers, driven by a free-rider strategic equilibrium. The cause of Boeing’s error may have been the adoption of a contract type from an industry in which the suppliers are more subject to competition.
{"title":"Analysis of Boeing's Initial 787 Supplier Structure: Interdependent Innovation at a Strategic Firm Boundary","authors":"Charles Polk","doi":"10.2139/ssrn.3206852","DOIUrl":"https://doi.org/10.2139/ssrn.3206852","url":null,"abstract":"New airline models are generational developments. For a particular market segment, a new model will be introduced perhaps every thirty years. Any new model will contain many innovations over the older model it supplants. Developing these innovations into an airliner introduces uncertainties, implying cost-performance risks. Airliner assemblers – primarily the Boeing-Airbus duopoly – don’t internally produce all of the subassemblies that undergo innovation in route to becoming part of a new model. Rather, they contract for a subset of these subassemblies from a supplier base that contains just a few firms capable of the needed innovations. This motivates the view that an airliner assembler’s firm boundary is defined by strategic concerns; namely, the suppliers’ have market power rather than existing in competitive industries. In the case of the 787, Boeing organized subassembly development and production using a type of risk-bearing contract that induced, and then ignored, strategic effects among subassembly suppliers due to interdependent innovation. The result was likely underinvestment in innovation by all suppliers, driven by a free-rider strategic equilibrium. The cause of Boeing’s error may have been the adoption of a contract type from an industry in which the suppliers are more subject to competition.","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"12 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114033703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper examines the relationship between the control of airport slots by major airlines and their incentives to engage in service quality. We investigate a set of airline strategies regarding possible practices of slot hoarding and slot concentration through mergers aiming at erecting airport barriers to entry. We develop an econometric model of flight disruptions by allowing an integrated management of flight delays, cancellations, aircraft size, price and passengers per flight. We consider the case of the domestic airline industry in Brazil. We find evidence of the internalization of congestion externalities by dominant carriers. We also have some evidence of schedule padding, a strategic trade-off between delays and cancelations, and slot hoarding following a merger. Our results suggest that carriers intensify the internalization of congestion externalities when slot flight concentration increases.
{"title":"Airport Slots and the Internalization of Congestion By Airlines: An Empirical Model of Integrated Flight Disruption Management in Brazil","authors":"Victor A. P. Miranda, Alessandro V. M. Oliveira","doi":"10.2139/ssrn.3100261","DOIUrl":"https://doi.org/10.2139/ssrn.3100261","url":null,"abstract":"Abstract This paper examines the relationship between the control of airport slots by major airlines and their incentives to engage in service quality. We investigate a set of airline strategies regarding possible practices of slot hoarding and slot concentration through mergers aiming at erecting airport barriers to entry. We develop an econometric model of flight disruptions by allowing an integrated management of flight delays, cancellations, aircraft size, price and passengers per flight. We consider the case of the domestic airline industry in Brazil. We find evidence of the internalization of congestion externalities by dominant carriers. We also have some evidence of schedule padding, a strategic trade-off between delays and cancelations, and slot hoarding following a merger. Our results suggest that carriers intensify the internalization of congestion externalities when slot flight concentration increases.","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121871669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-09-30DOI: 10.1007/978-3-319-49849-2_10
M. Camilleri
{"title":"The Airline Business","authors":"M. Camilleri","doi":"10.1007/978-3-319-49849-2_10","DOIUrl":"https://doi.org/10.1007/978-3-319-49849-2_10","url":null,"abstract":"","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122331640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article addresses the question of how competition for investments among firms in a certain industry impacts their capital structure. We develop a new modelling framework, which simulates financial variables of a set of firms in a given sector. We use it to analyse how firms are competing for new investments. The leverage of the firm impacts its flexibility to react upon investment opportunities, and we show how it can be optimised to maximise the firm’s growth. As an illustration, we then apply the model on a set of European airlines and global pharmaceutical companies. The novelty that this paper introduces is the explicit modelling of the interaction among several companies. Invariably, the literature on optimal capital structure focuses on a single company optimising its capital structure in a world where the actions of its competitors are exogenous. Corporate Finance theory states that the optimisation of investment opportunities is one of three drivers of optimal leverage (together with reduction of the distress costs or tax expenditures). Our results suggest that the optimal capital structure should incorporate the competitive position of the firm as well as the availability of investment opportunities. Our framework allows corporate decision makers (CEOs and CFOs) to incorporate these aspects in their decision making. Our main conclusion is that the leverage of the company impacts its ability to capture investment opportunities in a world where such opportunities are scarce. Companies with very low or very high leverage have reduced flexibility to invest, due to a high hurdle rate. Reducing the volatility of cash flows via hedging generally improves the ability to invest. The ability to invest in random growth opportunities is particularly important in mature industries, where investment opportunities are limited. Finally, if more flexible companies exploit investment opportunities this reduces the investment options for their less flexible competitors.
{"title":"How Investment Opportunities Impact Optimal Capital Structure","authors":"A. Lupi, S. Myint, D. Tsomocos","doi":"10.2139/ssrn.2929510","DOIUrl":"https://doi.org/10.2139/ssrn.2929510","url":null,"abstract":"This article addresses the question of how competition for investments among firms in a certain industry impacts their capital structure. We develop a new modelling framework, which simulates financial variables of a set of firms in a given sector. We use it to analyse how firms are competing for new investments. The leverage of the firm impacts its flexibility to react upon investment opportunities, and we show how it can be optimised to maximise the firm’s growth. As an illustration, we then apply the model on a set of European airlines and global pharmaceutical companies. The novelty that this paper introduces is the explicit modelling of the interaction among several companies. Invariably, the literature on optimal capital structure focuses on a single company optimising its capital structure in a world where the actions of its competitors are exogenous. Corporate Finance theory states that the optimisation of investment opportunities is one of three drivers of optimal leverage (together with reduction of the distress costs or tax expenditures). Our results suggest that the optimal capital structure should incorporate the competitive position of the firm as well as the availability of investment opportunities. Our framework allows corporate decision makers (CEOs and CFOs) to incorporate these aspects in their decision making. Our main conclusion is that the leverage of the company impacts its ability to capture investment opportunities in a world where such opportunities are scarce. Companies with very low or very high leverage have reduced flexibility to invest, due to a high hurdle rate. Reducing the volatility of cash flows via hedging generally improves the ability to invest. The ability to invest in random growth opportunities is particularly important in mature industries, where investment opportunities are limited. Finally, if more flexible companies exploit investment opportunities this reduces the investment options for their less flexible competitors.","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121364091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-02-02DOI: 10.1108/CASE.DARDEN.2016.000003
Pedro Matos
In early 2012, an equity analyst, was examining the jet fuel hedging strategy of JetBlue Airways for the coming year. Because airlines cross-hedged their jet fuel price risk using derivatives contracts on other oil products such as WTI and Brent crude oil, they were exposed to basis risk. In 2011, dislocations in the oil market led to a Brent-WTI premium wherein jet fuel started to move with Brent instead of WTI, as it traditionally did. Faced with hedging losses, several U.S. airlines started to change their hedging strategies, moving away from WTI. But others worried that the Brent-WTI premium might be a temporary phenomenon. For 2012, would JetBlue continue using WTI for its hedges, or would it switch to an alternative such as Brent?
{"title":"2012 Fuel Hedging at Jetblue Airways","authors":"Pedro Matos","doi":"10.1108/CASE.DARDEN.2016.000003","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000003","url":null,"abstract":"In early 2012, an equity analyst, was examining the jet fuel hedging strategy of JetBlue Airways for the coming year. Because airlines cross-hedged their jet fuel price risk using derivatives contracts on other oil products such as WTI and Brent crude oil, they were exposed to basis risk. In 2011, dislocations in the oil market led to a Brent-WTI premium wherein jet fuel started to move with Brent instead of WTI, as it traditionally did. Faced with hedging losses, several U.S. airlines started to change their hedging strategies, moving away from WTI. But others worried that the Brent-WTI premium might be a temporary phenomenon. For 2012, would JetBlue continue using WTI for its hedges, or would it switch to an alternative such as Brent?","PeriodicalId":151146,"journal":{"name":"TransportRN: Air Transportation Systems (Topic)","volume":"204 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129058591","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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