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Campo DC | Valor | Lengua/Idioma |
---|---|---|
dc.creator | Kang, W. (Wensheng) | - |
dc.creator | Pérez-de-Gracia, F. (Fernando) | - |
dc.creator | Ratti, R.A. (Ronald A.) | - |
dc.date.accessioned | 2022-05-31T09:38:47Z | - |
dc.date.available | 2022-05-31T09:38:47Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Kang, W. (Wensheng); Pérez-de-Gracia, F. (Fernando); Ratti, R. A. (Ronald A.). "Economic uncertainty, oil prices, hedging and U.S. stock returns of the airline industry". The North American Journal of Economics and Finance. (57), 2021, 101388 | es_ES |
dc.identifier.issn | 1062-9408 | - |
dc.identifier.uri | https://hdl.handle.net/10171/63580 | - |
dc.description.abstract | This paper examines the impacts of economic policy uncertainty and oil price shocks on stock returns of U.S. airlines using both industry and firm-level data. Our empirical approach considers a structural vector-autoregressive model with variables recognized to be important for airline returns including jet fuel price volatility. Empirical results confirm that oil price increase, eco- nomic uncertainty and jet fuel price volatility have significantly adverse effect on real stock returns of airlines both at industry and at firm level. In addition, we also find that hedging future fuel purchase has statistically positive impact on the smaller airlines. Our results suggest policy implications for practitioners, managers of airline industry and commodity investors. | es_ES |
dc.description.sponsorship | Fernando Perez de Gracia gratefully acknowledges financial support from the Ministerio de Economía y Competitividad (ECO2017-83183-R). | es_ES |
dc.language.iso | eng | es_ES |
dc.publisher | Elsevier | es_ES |
dc.rights | info:eu-repo/semantics/openAccess | es_ES |
dc.subject | Crude oil prices | es_ES |
dc.subject | Volatility of jet fuel prices | es_ES |
dc.subject | Uncertainty | es_ES |
dc.subject | Stock returns | es_ES |
dc.subject | Airline companies | es_ES |
dc.subject | SVAR | es_ES |
dc.title | Economic uncertainty, oil prices, hedging and U.S. stock returns of the airline industry | es_ES |
dc.type | info:eu-repo/semantics/article | es_ES |
dc.description.note | This is an open access article under the CC BY-NC-ND license | es_ES |
dc.identifier.doi | 10.1016/j.najef.2021.101388 | - |
dadun.citation.number | 57 | es_ES |
dadun.citation.publicationName | The North American Journal of Economics and Finance | es_ES |
dadun.citation.startingPage | 101388 | es_ES |
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