The Effect of Aviation Disasters on the Air Transport Industry: A Financial Market Perspective

Don M. Chance · Stephen P. Ferris

52 citations0/0 files storedJournal of Transport Economics and Policy

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Aviation Industry Analysis and Trends Financial Markets and Investment Strategies Market Dynamics and Volatility

Abstract

When an aircraft crashes, there is an immediate fall in the market price of the stocks of the airline, but no subsequent reaction. The stocks of other airlines and of aircraft manufacturers are not affected.

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1970EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1985Using daily stock returns 1977Foundations of Finance.1983Intra-Industry Effects of the Accident at Three Mile Island 1983The Effect of Three Mile Island on Electric Utility Stock Prices: A Note

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