Foundations of airline finance: methodology and practice
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Burlington, VT
Ashgate
2010
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XXXIV, 409 S. graph. Darst. |
| ISBN: | 9780754677697 9780754677703 |
Internformat
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| 245 | 1 | 0 | |a Foundations of airline finance |b methodology and practice |c Bijan Vasigh, Ken Fleming and Liam Mackay |
| 264 | 1 | |a Burlington, VT |b Ashgate |c 2010 | |
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| 650 | 4 | |a Airlines |x Cost of operation | |
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Datensatz im Suchindex
| _version_ | 1804143324375810048 |
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| adam_text | Titel: Foundations of airline finance
Autor: Vasigh, Bijan
Jahr: 2010
Contents
List of Figures [x
List of Tables xm
Glossary of Terms xvjj
List of Abbreviations xxvii
Acknowledgements xxxl
Preface xxxiii
PART I THEORETICAL ASPECTS OF AIRLINE FINANCE
1 The Role of Finance in the Airline Industry 3
Introduction and Historical Background 4
The International Nature of the Aviation Industry 12
Objectives of Airlines 14
Accounting Profit 15
Economic Profit 15
Business Organizational Structures 17
Comparison between Business Structures 19
Agency Issues 21
Financial Markets 23
Summary 25
Discussion Questions 25
References 26
2 Airline Cost Classifications 27
Startup Costs 28
Production Costs 29
Fixed Costs (FC) 30
Variable Costs (VC) 31
Marginal Costs (MC) 33
Using Cost Functions for Managerial Decisions 36
Structure of Airline Costs 37
Airline Cost Rebalancing/Restructuring 44
Summary 49
Discussion Questions 50
References 51
3 Time Value of Money 53
Future Value 53
Present Value 57
Compounding Interest 61
FOUNDATIONS OF AIRLINE FINANCE
Annuities 64
Perpetuities 71
Amortization Schedule 72
Summary 73
Discussion Questions 73
Appendix 1: Time Value of Money Calculations in Excel 74
Appendix 2 78
References 82
4 Risk and Return 83
Expected Rate of Return 84
Risk Analysis 88
Financial Risk Preferences 91
Risk Diversification 92
Beta 98
Capital Asset Pricing Model (CAPM) 101
Risk in the Aviation Industry 102
Summary 107
Discussion Questions 108
References 109
PART II AIRLINE ACCOUNTING AND FINANCE
5 The Role of Accounting in Airlines 113
Role of Accounting in Airlines 114
Financial Accounting 115
Managerial Accounting 116
Differences in Airline Accounting 117
International Trade and I ATA Clearing House 117
Issues Pertaining to the Airline Industry 118
Revenue Recognition 125
U.S. Airlines vs. European Airlines 128
International Operations 130
Airline Consolidation 132
Consolidation in the U.S. Airline Industry 132
Summary 133
Discussion Questions 133
References 135
6 Airline Financial Statements 137
Balance Sheet 138
Depreciation 142
Common-Size Income Statement 157
The Statement of Retained Earnings 158
Cash Flow Statement 160
Summary 162
Discussion Questions: 164
References 165
CONTENTS
PART HI
10
Financial Statement Analysis 167
Financial Ratio Analysis 168
Financial Ratios: Airline-Specific Ratios 182
Predicting Insolvency 202
Summary 205
Discussion Questions 206
Appendix 1: Financial Ratios 208
Appendix 2: DuPont Model 209
References 210
AIRLINE CAPITAL BUDGETING
Airline Capital Budgeting 213
Airline Capital Budgeting and Cash Flows 214
Project Classifications 215
Payback Period 218
Discounted Payback Period 220
Net Present Value (NPV) 222
Internal Rate of Return (IRR) 224
Modified Internal Rate of Return (MIRR) 231
Profitability Index (PI) 232
Break-Even Analysis 234
Summary 237
Discussion Questions 238
References 240
Airline Capital Structure and Cost of Capital 241
Equity Financing 242
Cost of Equity 248
Bonds 254
Airline Debt 259
Cost of Debt 261
Weighted Average Cost of Capital (WACC) 262
Airline Debt and Equity 265
CAPM to Estimate kE 266
Business Risk vs. Financial Risk 267
Cost of Capital and Capital Budgeting 272
Summary 274
Discussion Questions 275
References 276
Working Capital and Current Asset Management 279
Working Capital Policy 280
Cash Management 282
Accounts Receivable 292
Current Liabilities Management 295
Inventory Control Models 297
Summary 304
FOUNDATIONS OF AIRLINE FINANCE
Discussion Questions 304
References 305
PART IV PRACTICAL APPLICATIONS OF AIRLINE FINANCE
11 Fuel Hedging and Risk Management 309
Financial Derivatives and Options 311
Airline Industry and Fuel Hedging 320
Fuel Hedge Accounting 331
Summary 333
Discussion Questions 333
Appendix 1: The Black-Scholes Option Pricing Model 334
References 337
12 Buy versus Lease Decision-Making 339
Types of Leases 340
Buy vs. Lease Analysis 349
Major Commercial Aircraft Leasing Companies 353
Summary 358
Discussion Questions 358
Appendix 1: Key Provisions of Operating Lease 359
Appendix 2: Key Provisions of Operating a Wet Lease (ACMI) 361
References 363
13 Aviation Industry Valuation 365
Commercial Airport Systems 366
Airport Infrastructure Privatization 372
Privatization Techniques 374
Airport Valuation 376
Airport Valuation Application 379
Aircraft Valuation 382
Summary 387
Discussion Questions 387
References 387
Appendix A: Airline Data Sources 389
Appendix B: Top 100 Commercial Airports 395
Appendix C: Airlines Vital Statistics 399
Index 403
|
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| indexdate | 2024-07-09T22:45:51Z |
| institution | BVB |
| isbn | 9780754677697 9780754677703 |
| language | English |
| lccn | 2009045929 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020609213 |
| oclc_num | 730260663 |
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| owner | DE-83 |
| owner_facet | DE-83 |
| physical | XXXIV, 409 S. graph. Darst. |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | Ashgate |
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| spelling | Vasigh, Bijan Verfasser aut Foundations of airline finance methodology and practice Bijan Vasigh, Ken Fleming and Liam Mackay Burlington, VT Ashgate 2010 XXXIV, 409 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Aeronautics, Commercial Finance Airlines Cost of operation Finanzierung (DE-588)4017182-6 gnd rswk-swf Luftverkehrsgesellschaft (DE-588)4036559-1 gnd rswk-swf Luftverkehrsgesellschaft (DE-588)4036559-1 s Finanzierung (DE-588)4017182-6 s DE-604 Fleming, Ken Verfasser aut Mackay, Liam Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020609213&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Vasigh, Bijan Fleming, Ken Mackay, Liam Foundations of airline finance methodology and practice Aeronautics, Commercial Finance Airlines Cost of operation Finanzierung (DE-588)4017182-6 gnd Luftverkehrsgesellschaft (DE-588)4036559-1 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4036559-1 |
| title | Foundations of airline finance methodology and practice |
| title_auth | Foundations of airline finance methodology and practice |
| title_exact_search | Foundations of airline finance methodology and practice |
| title_full | Foundations of airline finance methodology and practice Bijan Vasigh, Ken Fleming and Liam Mackay |
| title_fullStr | Foundations of airline finance methodology and practice Bijan Vasigh, Ken Fleming and Liam Mackay |
| title_full_unstemmed | Foundations of airline finance methodology and practice Bijan Vasigh, Ken Fleming and Liam Mackay |
| title_short | Foundations of airline finance |
| title_sort | foundations of airline finance methodology and practice |
| title_sub | methodology and practice |
| topic | Aeronautics, Commercial Finance Airlines Cost of operation Finanzierung (DE-588)4017182-6 gnd Luftverkehrsgesellschaft (DE-588)4036559-1 gnd |
| topic_facet | Aeronautics, Commercial Finance Airlines Cost of operation Finanzierung Luftverkehrsgesellschaft |
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