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Foundations of airline finance : methodology and practice

Author: Bijan Vasigh; Ken Fleming; Barry Humphreys
Publisher: Oxon : Routledge, 2015.
Edition/Format:   eBook : Document : English : Second editionView all editions and formats
Summary:
"In recent years the airline industry has experienced severe volatility in earnings, with airlines recording periods of substantial profits that are closely followed by periods of financial distress. This trend has continued into the new millennium, with numerous examples of airlines across the globe entering bankruptcy protection or liquidating. The text provides an introduction to both the basics of finance and  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Vasigh, Bijan.
Foundations of Airline Finance : Methodology and Practice.
Hoboken : Taylor and Francis, ©2014
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Bijan Vasigh; Ken Fleming; Barry Humphreys
ISBN: 9781317802495 1317802497
OCLC Number: 895660773
Description: 1 online resource
Contents: Cover; Half Title; Title Page; Copyright Page; Table of Contents; List of figures; List of tables; Preface; Acknowledgments; Abbreviations; Part I Theoretical aspects of airline finance; 1 Airline finance: an overview; Introduction and historical background; International nature of the aviation industry; Objectives of airlines; Accounting profit; Economic profit; Business organizational structures; Comparison between business structures; Agency issues; Financial markets; Summary; 2 Cost classifications and control; Startup costs; Production costs; Use of costs for managerial decision-making. Part II Finance in the airline industry5 Airline financial accounting practices; Basic principles of accounting; Differences in airline accounting; Issues pertaining to the airline industry; Accounting treatment of frequent-flier programs; Summary; 6 Financial performance and measurement; Financial statements; Balance sheet; Statement of stockholders' equity; Income statement; Statement of cash flows; Summary; 7 Assessment of financial statements; Financial ratio analysis; Airline-specific financial ratios; Airline industry benchmarking; Predicting insolvency; Summary. Part III Airline capital budgeting8 Airline capital budgeting; Capital budgeting and cash flows; Project classifications; Breakeven analysis; Summary; 9 Airline capital structure and cost of capital; Equity financing; Stock market overview; Debt financing; Cost of capital; Summary; 10 Management of current assets; Working capital policy; Cash management; Accounts receivable; Current liabilities management; Inventory control models; Summary; Part IV Practical applications; 11 Revenue management and fuel hedging; Airline revenue management; Risk management in the airline industry. Introduction to financial derivativesHedging strategies for the airline industry; Accounting for financial derivatives; Summary; 12 Analysis of aircraft leases; Lease characteristics; Types of lease; Other leasing strategies; Buy vs. lease analysis; Major aircraft leasing companies; Summary; 13 Financial trends in the aviation industry: growth, privatization, and valuation; Commercial airport and air traffic control systems; Airport valuation; Commercial aircraft industry; Aircraft valuation; Aircraft-secured bond products; Summary; Appendices; Appendix A Airline data sources.
Responsibility: Bijan Vasigh, Kenneth Fleming, Barry Humphreys.

Abstract:

"In recent years the airline industry has experienced severe volatility in earnings, with airlines recording periods of substantial profits that are closely followed by periods of financial distress. This trend has continued into the new millennium, with numerous examples of airlines across the globe entering bankruptcy protection or liquidating. The text provides an introduction to both the basics of finance and the particular intricacies of airline finance where there can be significant fluctuations in both revenues and costs. This new edition also includes: - capital budgeting - management of current assets - financial risk analysis - fuel hedging - aircraft leasing This textbook contains chapters that cover unique aspects of the aviation financial decision-making process. These include a rigorous and structured presentation of the buy versus lease decision that is prevalent in the industry, a valuation process for aviation assets, the recent trend toward privatization and the difficulty inherent in the valuation of a publicly-owned or semi-publicly owned asset. The Foundations of Airline Finance, now in its second edition, is an introductory text that can be used either as a general financial text or in a specialized class that deals with aviation finance in particular"--

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'This is an excellent worldwide aviation industry primer organized around finance and accounting principles. It is both an introductory text for airline finance students and a comprehensive Read more...

 
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