Referência Completa


Título: Airline financial distress and its impacts on airfares: an econometric model of the dynamic effects of a bankruptcy filing followed by an acquisition
Autor: Renan Peres de Oliveira
Programa: Engenharia de Infraestrutura Aeronáutica
Área de Concentração: Transporte Aéreo e Aeroportos
Orientador : Alessandro Vinícius Marques de Oliveira
Ano de Publicação : 2017
Curso : Mestrado Acadêmico
Assuntos : Modelos econômicos
t Operações de linhas aéreas
t Falência
t Transporte de passageiros
t Transporte aéreo
Resumo : As a means of contributing to the extant literature, this research addresses the effects generated by the extent of financial distress of a major airline in Brazil and the events of its bankruptcy protection and its subsequent acquisition on the average prices of its competitors, with the effects of these events on its own prices being also explored. In addition, the present study contributes methodologically through the application of Heckman corrections for sample selection bias and endogenous binary variables in the proposed models. I use Brazilian air transport data related to Varig and its rivals in the mid-2000s and develop an econometric model with time and individual fixed effects controls as well as possible time trends associated with each origin and destination city of a given route. The instrumentation of the variables related to market concentration (as measured by the HHI), number of passengers and the extent of financial distress (as measured by the Z"- score (Altman, 2002), both for the distressed carrier and for its rivals) is observed, as well as the utilization of heteroscedasticity and autocorrelation consistent standard errors and the Generalized Method of Moments (GMM). The main results indicate lower airfare values associated with both the quarters preceding and during which the company files for bankruptcy, with the distressed carrier promoting price increases in the next quarter and reductions in subsequent periods. Regarding the effects of the acquisition event, the results suggest that the distressed carrier's price increases were greater than those exerted by its rivals, a result consistent with previous findings of this literature, with the extent of its financial distress not showing robustness across specifications. Moreover, the results suggest effects of reductions in rivals' airfares prior to the event of bankruptcy protection and more pronounced reductions in subsequent periods. Effects of airfare increases associated with the acquisition are observed, results endorsed by previous studies; however, no evidence was found of influences arising from the average financial distress of the competitors as well as the financial distress of the bankrupt firm on the average airfare of the rivals.
Data de Defesa : 11/12/2017
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