Airline finance and aircraft financial evaluation: evidence from the field ATRS World Conference 2005 Paper
نویسندگان
چکیده
..................................................................................................................................... 3 Methodology .............................................................................................................................. 3 Survey design......................................................................................................................... 4 Sample and response to the survey ........................................................................................ 4 Investment valuation practices and trends ................................................................................. 6 Use of NPV in high-growth emerging markets...................................................................... 9 Valuation techniques in airlines ........................................................................................... 10 Cost of capital estimation......................................................................................................... 13 Airline cost of capital estimation issues............................................................................... 14 Airline cost of capital estimation ......................................................................................... 15 Investment-financing interactions............................................................................................ 18 Equity ownership and investment valuation ........................................................................ 19 Airline financing and investment biases .............................................................................. 21 Measuring and adjusting for risk in valuations ........................................................................ 23 Airline survey findings on risk evaluation........................................................................... 25 Conclusions .............................................................................................................................. 28 References ................................................................................................................................ 30 Appendix 1 – descriptions of analytical techniques................................................................. 32 Appendix 2 – Airline CFO survey ........................................................................................... 34 * corresponding author
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