Do airlines always suffer from crashes?
We examine the impact of aviation disasters on the stock prices of the crash airlines and their rival airlines. Results show that the crash airlines experience deeper negative abnormal returns as the degree of fatality increases. The stock prices of the rival airlines also suffer in large-scale disa...
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| Veröffentlicht in: | Economics letters 2013-01, Vol.118 (1), p.113-117 |
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| container_end_page | 117 |
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| container_title | Economics letters |
| container_volume | 118 |
| creator | Ho, Jerry C. Qiu, Mei Tang, Xiaojun |
| description | We examine the impact of aviation disasters on the stock prices of the crash airlines and their rival airlines. Results show that the crash airlines experience deeper negative abnormal returns as the degree of fatality increases. The stock prices of the rival airlines also suffer in large-scale disasters but benefit from the disasters when the fatality is minor.
► We explore the impact of fatality caused by aviation disasters on the equity performance of airlines. ► Crash airlines experience deeper negative abnormal returns than their rivals as fatality increases. ► Non-crash airlines also suffer in large-scale disasters. ► In minor-fatality disasters non-crash airlines benefit from such events. |
| doi_str_mv | 10.1016/j.econlet.2012.09.031 |
| format | Article |
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► We explore the impact of fatality caused by aviation disasters on the equity performance of airlines. ► Crash airlines experience deeper negative abnormal returns than their rivals as fatality increases. ► Non-crash airlines also suffer in large-scale disasters. ► In minor-fatality disasters non-crash airlines benefit from such events.</description><identifier>ISSN: 0165-1765</identifier><identifier>EISSN: 1873-7374</identifier><identifier>DOI: 10.1016/j.econlet.2012.09.031</identifier><language>eng</language><publisher>Amsterdam: Elsevier B.V</publisher><subject>Abnormal returns ; Air crashes ; Aircraft accidents & safety ; Airline industry ; Airlines ; Contagion effect ; Disasters ; Event study ; Fatalities ; Stock exchange ; Stock market ; Stock prices ; Studies ; Switch effect</subject><ispartof>Economics letters, 2013-01, Vol.118 (1), p.113-117</ispartof><rights>2012 Elsevier B.V.</rights><rights>Copyright Elsevier Science Ltd. Jan 2013</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c434t-7e442a3111679a9e5fae2d7f25964bfb5f5f0acdd3955a73f2d8ffb3f6621d853</citedby><cites>FETCH-LOGICAL-c434t-7e442a3111679a9e5fae2d7f25964bfb5f5f0acdd3955a73f2d8ffb3f6621d853</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.sciencedirect.com/science/article/pii/S0165176512005381$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,776,780,3537,27901,27902,65534</link.rule.ids></links><search><creatorcontrib>Ho, Jerry C.</creatorcontrib><creatorcontrib>Qiu, Mei</creatorcontrib><creatorcontrib>Tang, Xiaojun</creatorcontrib><title>Do airlines always suffer from crashes?</title><title>Economics letters</title><description>We examine the impact of aviation disasters on the stock prices of the crash airlines and their rival airlines. Results show that the crash airlines experience deeper negative abnormal returns as the degree of fatality increases. The stock prices of the rival airlines also suffer in large-scale disasters but benefit from the disasters when the fatality is minor.
► We explore the impact of fatality caused by aviation disasters on the equity performance of airlines. ► Crash airlines experience deeper negative abnormal returns than their rivals as fatality increases. ► Non-crash airlines also suffer in large-scale disasters. ► In minor-fatality disasters non-crash airlines benefit from such events.</description><subject>Abnormal returns</subject><subject>Air crashes</subject><subject>Aircraft accidents & safety</subject><subject>Airline industry</subject><subject>Airlines</subject><subject>Contagion effect</subject><subject>Disasters</subject><subject>Event study</subject><subject>Fatalities</subject><subject>Stock exchange</subject><subject>Stock market</subject><subject>Stock prices</subject><subject>Studies</subject><subject>Switch effect</subject><issn>0165-1765</issn><issn>1873-7374</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2013</creationdate><recordtype>article</recordtype><recordid>eNqFkDtPwzAUhS0EEuXxE5AiMcCS4LfjqULlKVVigdlynWvhKE2KnYD673HVTixMd_nO0bkfQlcEVwQTeddW4Ia-g7GimNAK6wozcoRmpFasVEzxYzTLnCiJkuIUnaXU4gxqJWbo5mEobIhd6CEVtvux21SkyXuIhY_DunDRpk9I8wt04m2X4PJwz9HH0-P74qVcvj2_Lu6XpeOMj6UCzqllhBCptNUgvAXaKE-FlnzlV8ILj61rGqaFsIp52tTer5iXkpKmFuwc3e57N3H4miCNZh2Sg66zPQxTMoTWFLNaKpnR6z9oO0yxz-syJVVNONY8U2JPuTikFMGbTQxrG7eGYLPTZ1pz0Gd2-gzWJuvLufk-B_nb7wDRJBegd9CECG40zRD-afgFi815nQ</recordid><startdate>201301</startdate><enddate>201301</enddate><creator>Ho, Jerry C.</creator><creator>Qiu, Mei</creator><creator>Tang, Xiaojun</creator><general>Elsevier B.V</general><general>Elsevier Science Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>201301</creationdate><title>Do airlines always suffer from crashes?</title><author>Ho, Jerry C. ; Qiu, Mei ; Tang, Xiaojun</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c434t-7e442a3111679a9e5fae2d7f25964bfb5f5f0acdd3955a73f2d8ffb3f6621d853</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2013</creationdate><topic>Abnormal returns</topic><topic>Air crashes</topic><topic>Aircraft accidents & safety</topic><topic>Airline industry</topic><topic>Airlines</topic><topic>Contagion effect</topic><topic>Disasters</topic><topic>Event study</topic><topic>Fatalities</topic><topic>Stock exchange</topic><topic>Stock market</topic><topic>Stock prices</topic><topic>Studies</topic><topic>Switch effect</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Ho, Jerry C.</creatorcontrib><creatorcontrib>Qiu, Mei</creatorcontrib><creatorcontrib>Tang, Xiaojun</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Economics letters</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Ho, Jerry C.</au><au>Qiu, Mei</au><au>Tang, Xiaojun</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Do airlines always suffer from crashes?</atitle><jtitle>Economics letters</jtitle><date>2013-01</date><risdate>2013</risdate><volume>118</volume><issue>1</issue><spage>113</spage><epage>117</epage><pages>113-117</pages><issn>0165-1765</issn><eissn>1873-7374</eissn><abstract>We examine the impact of aviation disasters on the stock prices of the crash airlines and their rival airlines. Results show that the crash airlines experience deeper negative abnormal returns as the degree of fatality increases. The stock prices of the rival airlines also suffer in large-scale disasters but benefit from the disasters when the fatality is minor.
► We explore the impact of fatality caused by aviation disasters on the equity performance of airlines. ► Crash airlines experience deeper negative abnormal returns than their rivals as fatality increases. ► Non-crash airlines also suffer in large-scale disasters. ► In minor-fatality disasters non-crash airlines benefit from such events.</abstract><cop>Amsterdam</cop><pub>Elsevier B.V</pub><doi>10.1016/j.econlet.2012.09.031</doi><tpages>5</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0165-1765 |
| ispartof | Economics letters, 2013-01, Vol.118 (1), p.113-117 |
| issn | 0165-1765 1873-7374 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_1282038676 |
| source | Elsevier ScienceDirect Journals Complete |
| subjects | Abnormal returns Air crashes Aircraft accidents & safety Airline industry Airlines Contagion effect Disasters Event study Fatalities Stock exchange Stock market Stock prices Studies Switch effect |
| title | Do airlines always suffer from crashes? |
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