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1.
This paper develops an empirical model of passenger demand for routes of airports subject to either imminent or recent privatization. We investigate whether the privatization process produces a sequential impact over traffic. By employing a regression-based event methodology and controlling for fixed effects, price endogeneity and sample selection, we perform an econometric analysis of pre-privatization and post-privatization dynamic patterns of demand to infer the demand consequences of the major change in airport governance. We examine recent Brazilian airport privatization experience as a case. The main results suggest that privatization produced an overall increase in airline demand and that the airport notably recognized with the greatest demand potential and with the largest market penetration of a fast-growing low cost newcomer had the highest estimated ceteris paribus effect of privatization on demand. 相似文献
2.
We investigate the tradeoff between the airport’s concession and aeronautical revenues—two complementary services. Increasing the frequency of flights may result with congestion which could stimulate demand for concessions, but may also harm the demand for flights. When passengers have a low valuation for the concession good, the opportunity for concession revenue is small and the airport focuses its revenue on the aeronautical (i.e., landing) fees. With a sufficiently large valuation for concession goods, the airport may lower the aeronautical charges to stimulate greater flight frequency in order to lower airfares thereby attracting more passengers ultimately to increase concessions revenues. It is in the latter case where we observe minimal loss of aeronautical welfare when airports are privatized. Thus, our research could help guide decision makers in the airport privatization process. Namely, we find that privatization is not recommended unless the potential for concession revenues is sufficiently large. 相似文献
3.
In the past few decades many countries have increased the presence of various forms of private sector involvement in airport ownership and management. This paper focuses on the financial performance of Italian airport companies. We present empirical evidence separately for two groups where public or private management majority prevails. The main findings indicate that companies with a private majority outperform the others in terms of financial indicators that are related to operating income. 相似文献
4.
This paper develops an event study to investigate the airfare effects of the bankruptcy of a financially distressed full-service carrier (FSC) and its subsequent acquisition by a low-cost carrier (LCC) in Brazil. We account for the distressed carrier's survival network design strategies (SNDS) pursued during its reorganization—a suspected source of sample selection bias. Additionally, as rivals' pricing could be aimed at driving the distressed/bankrupt carrier out of the market, we treat the carrier's distress as endogenously determined with it. Our results do not uncover any survival pricing behavior stemming from SNDS, but reveal fiercer price competition from rivals in periods preceding both the distressed carrier's bankruptcy filing and acquisition. We also find evidence of enduring price competitiveness in the long run of the acquisition event, shedding light on the potential facilitating role played by bankruptcy protection regulations in keeping and sustaining market contestability after the bankruptcy-filing period. 相似文献
5.
The economic downturn and the air travel crisis triggered by the recent coronavirus pandemic pose a substantial threat to the new consumer class of many emerging economies. In Brazil, considerable improvements in social inclusion have fostered the emergence of hundreds of thousands of first-time fliers over the past decades. We apply a two-step regression methodology in which the first step consists of identifying air transport markets characterized by greater social inclusion, using indicators of the local economies’ income distribution, credit availability, and access to the Internet. In the second step, we inspect the drivers of the plunge in air travel demand since the pandemic began, differentiating markets by their predicted social inclusion intensity. After controlling for potential endogeneity stemming from the spread of COVID-19 through air travel, our results suggest that short and low-density routes are among the most impacted airline markets and that business-oriented routes are more impacted than leisure ones. Finally, we estimate that a market with 1% higher social inclusion is associated with a 0.153%–0.166% more pronounced decline in demand during the pandemic. Therefore, markets that have benefited from greater social inclusion in the country may be the most vulnerable to the current crisis. 相似文献
6.
The purpose of this paper was to perform a detailed analysis of the challenges faced while developing and using econometric models to forecast future transportation demand. To this end, a comparative analysis of the state of practice and state of the art was undertaken on a concrete example – Viracopos Airport in Brazil. A review of relevant technical and scientific literature identified a number of approaches and each representative example was synthesized into a specification “template”. We then compared the performance of each “template” with the observed demand, through an intra-series forecast. A general finding was that econometric model specifications proved to be somewhat homogenous and simpler in nature, with results indicating a relatively small difference in fit and forecast capability across models. Even with the elimination of what is typically considered the main culprit for deviations – the forecast uncertainty of the explanatory (input) variables – the forecast is still subject to sizeable deviation. To address this issue, we proposed developing some sanity check indexes, particularly relevant for long-term forecasts. We conclude that the challenges faced at the Viracopos Airport Concession were far from econometric ones, that the success of the demand forecast and the concession itself required more than a well estimated econometric model. Finally, regarding investment obligations within the concession agreement, we strongly recommend making them conditional to meeting demand milestones, given the inherent unpredictability in forecasts. 相似文献
7.
We collect half-yearly data on nonstop flight frequencies offered by carriers on routes originating from Italian regions to European countries in the period 1998–2010. We find that, as the share of flights belonging to global alliances increases, the number of flights offered by airlines simultaneously expands, especially in the case of full-service carriers. Moreover, there is also evidence that the number of global alliances has a positive impact on flight supply. 相似文献
8.
This paper applies recent panel methodology to examine the short-run dynamics, the long-run equilibrium relationships and the Granger causal relationship between economic growth and domestic air passenger traffic. It is based on the quarterly panel data of 29 provinces in China from the period of 2006Q1 to 2012Q3. Tests for panel unit roots, cointegration in heterogeneous panels and panel causality are employed in a bi-variate panel vector error correction model (PVECM), which is estimated by the system generalized moment method (SYS-GMM). The results show evidence of a long-run equilibrium relationship between economic growth and domestic air passenger traffic. Specifically, 1% increase in the air passenger traffic is found to lead to an increase of 0.943% in real gross domestic product (GDP). A long-run and strong bi-directional Granger causal relationship is found between these two series. It is also found that there is a short-run uni-directional Granger causality running from the domestic air passenger traffic to the economic growth. 相似文献
9.
Although airline on-time performance has always received much attention, we are unaware of any empirical research that measures the on-time performance effects of domestic airline alliances. In this study, we empirically investigate the on-time performance effects of the largest domestic alliance—between Delta Air Lines, Northwest Airlines and Continental Airlines. We find evidence that code-sharing improves alliance partners' on-time performance and that the size of the codeshare effect on on-time performance depends on pre-alliance competition in a market, with the effect being larger in markets where the partners competed in prior to the alliance. 相似文献
10.
America West Airlines acquired the bankrupt US Airways on September 27, 2005 to form the US Airways Group, improving its competitive position in the US airline industry. This paper analyzes the post-merger performance of the US Airways Group using airline operating metrics and financial ratios for the period 2005 to 2013. While the airline has still a long way to go to improve its leverage and liquidity ratios, its capital structure and ability to pay its obligations have improved since 2005. Moreover, although the airline is still inefficient in utilizing its assets, the efficiency improvements achieved since the merger have resulted in profits and positive returns to investors. Its share prices have also largely outperformed the S&P 500 and the XAL since the merger, an indication that investors are pleased with how the merger is developing over time. In view of the US Airways Group's improving financial and operating performance, the merger is, essentially, a success. 相似文献
11.
We examine the impact of flight delay on market power in the U.S. airline industry. Consistent with the literature, our estimation results confirm that flight delays are associated with negative consumer welfare effects. Most importantly, we find that poor on-time performance negatively impacts product markup—proxy for market power. Furthermore, we are able to decompose these markup effects into price and marginal cost effects and evidence suggests that the source of these negative markup effects is primarily driven by negative price responses. 相似文献
12.
This paper explores the impacts of competition level on airline scheduling in the Korean domestic short-haul routes where a hub-and-spoke system is not the optimal air transport network strategy. The empirical findings using the Korean airline panel data for the period 2006–2010 suggest that competition leads to less differentiated departure flight times as expected from spatial competition theory. Unlike the previous study on the U.S airline industry, the degree of this tendency for less differentiation differs across the type of routes: the Jeju island routes (leisure type) and the inland routes (business type), in the deregulated period. Following the May 2008 Deregulation Act we find an increasingly clustered pattern of airline scheduling in the Jeju island routes where there have been competitive pressures associated with new low cost entrants. This recent evidence would imply that airline carriers strategically schedule departure flight times and allocate flights between routes as competition increases in the deregulated period. 相似文献
13.
This paper investigates the effects of wage premiums on the competition between Full Service Carriers (FSC) and Low Fare Carriers (LFC) in the airline industry. We study the impact of changes in the labor market and the resulting effects on performance in the product market and examine the role of economies of density. We develop an oligopoly model of airline competition with endogenous wages and simulate increases in labor costs. We apply the model to the case of the most important domestic route of Brazil using airline/route-specific demand and costs data. Our chief contribution relies on the empirical model of asymmetric economies of density for the competing business models. We estimate that LFCs have higher economies of density than FSCs. With the empirical models of demand, costs and wages, we compute the wage-elasticities of price-cost markups. We find that, on account of the higher sensitivity of marginal costs to labor costs of the FSCs, their markups are more affected by wage premium increases than the markups of the LFCs. The results are attenuated by higher economies of density, but amplified by higher price-elasticities of demand and lower economic growth. 相似文献
14.
This paper examines the motives and effects behind the horizontal merger between China Eastern and Shanghai Airlines in 2009. We develop testable hypotheses, incorporating into a unified framework the two merging airlines, their domestic and international competitors, and relevant airports along the supply chain. We employ an event study methodology and show that domestic competitors gain whereas international competitors lose. Our results suggest that the sources of gain for the merging firms are market power in domestic markets and efficiency improvement in international markets. Further, as a hub for the merged airline, Shanghai Airport experienced positive abnormal returns. Our results do not support the hypothesis that the merged airline gains countervailing power towards airports. Our event study findings are robust to alternative estimation periods and samples, and are consistent with analyst forecasts and long-run operating performances. 相似文献
15.
This paper empirically investigates the mutual influence of traffic volumes across routes serving the same airport. Regression analysis using the data on Japan's domestic air transport market reveals that an increase in passengers on a given route has a positive effect on the number of passengers on other routes that share an endpoint airport with the given route. This result implies that a change in policy for an airport is likely to influence routes that do not serve that airport as well as the routes that do. 相似文献
16.
This paper examines the cost structures of the leading integrated air cargo carriers, FedEx Express and UPS Airlines. A total cost model is estimated for the two carriers using quarterly data on domestic operations and costs over a nine-year period (2003–2011). The estimated model indicates that the integrated industry exhibits increasing returns to traffic density and constant returns to scale. Accounting for carrier-specific differences in cost structure and network size, FedEx Express is found to be more cost-efficient than UPS Airlines. Looking at the carriers individually, UPS Airlines exhibits substantial economies of traffic density and constant returns to scale while FedEx Express' cost structure is characterized by weak economies of density and constant returns to scale. The combined effect of returns to density and returns to scale on the cost structures of integrated carriers is captured by economies of size. Both FedEx Express and UPS Airlines exhibit economies of size, indicating that carriers in the integrated industry can be more cost efficient by making appropriate adjustments to their network size as their output grows. Moreover, the relative cost-efficiencies of the carriers are reversed when their network-size differences are not controlled. 相似文献
17.
This study investigates the strategic flight departure scheduling on domestic and short-haul international routes from regional airports in Korea. Airport-level data were constructed for non-stop routes from 2010 to 2018. This study examines the effects of changes in scheduling constraints induced by airport night curfews on domestic and international routes through competition intensity. The empirical findings suggest that competition leads to less differentiated flight departure times on domestic routes from the two regional airports. However, competition leads to more differentiated flight departure times on international routes from Daegu airport, which has a new night curfew, while a clustered departure pattern is found for international routes from Cheongju airport. An obvious pattern of differentiated departure times is found after the easing of night curfews in 2014, along with the expansion in LCCs. 相似文献
18.
Wen‐Yu Chiang 《International Journal of Tourism Research》2012,14(2):116-123
This paper proposes a new model to discover customer value of air passengers by using data mining technologies. The results of this research can be applied in database marketing systems. The procedure applies See5/C5.0 (RuleQuest Research Pty Ltd, St Ives, New South Wales, Australia) decision tree; transaction records; Frequency, Price Discount, Destination and No‐Show (FPDN model; Recency, Frequency and Monetary model based) model variables; and socio‐economic variables to create decision rules for airline business. An empirical case of air passengers' market in Taiwan is implemented for the identification of this procedure and the Frequency, Price Discount, Destination and No‐Show model. Copyright © 2011 John Wiley & Sons, Ltd. 相似文献