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Publications -
Economy
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ASH-030
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Airline
Finance,
By Peter Morrell senior lecturer and Director of Consultancy Services in
the Department of Air Transport, College of Aeronautics, Cranfield
University, UK.1997. 240 pp.13 figures, 74 tables.
Available in English.
Summary: Airline
Finance- The need for a better
understanding of finance is increasingly recognized in the air transport
industry. The privatization of state-owned airlines, as well as the
creation of new business units and competitive tendering for many goods
and services previously provided by the airline, has resulted in a growing
need for managers and regulators with some knowledge of finance. At the
same time, the airline industry has many characteristics which pose
particular problems for accounting, planning, or evaluation that are not
found in other industries, and cannot therefore be adequately addressed in
general financial texts. Examples of these are frequent flyer programs,
currency risks, and increased emphasis on leasing and securitization. The
purpose of this book is to provide a complete understanding of all areas
of airline finance. The structure of the book is designed to address each
of the distinct areas of financial management in an air transport industry
context. It also shows how these fit together, although its textbook
nature will ensure that each chapter and topic can be consulted
separately. Worked examples are provided for each topic, based solely on
the airline industry, something that is not available in more general
financial management books. Financial trends are described and examined
for the airline industry as a whole, with developments for the major
regions and airlines also contrasted. Important techniques in financial
analysis are applied to the airline industry, supported by practical
airline examples. Recent developments, such as privatization and
securitization, are also discussed in full, together with some views on
the financial prospects of the industry. Airline Finance fills a very
significant gap in the aviation and finance literature. It is an
indispensable resource for students of airline management, analysts in
financial institutions, executives in airlines and related industries, and
civil aviation departments. Content: Figures and tables; Preface;
Industry financial performance; Airline financial statements; Airline
financial ratios; Airline valuation; Airline privatization; Airline
financial planning and appraisal; Foreign currency exposure; Sources of
airline finance; Aircraft leasing; Aircraft securitisation; Industry
financial prospects; Bibliography; Glossary of terms; Index. |
US$84.95
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ASH-067
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Straight and Level: Practical Airline Economics,
Stephen Holloway
1997, 480 pages 24 figures, 9 tables
Summary: Straight and
Level: Practical Airline Economics- Airline
operating profits are well known to be volatile, and the global industry
aggregate figures conceal wide differences in performance between
carriers. The fundamental reasons for the poor performance of the industry
as a whole in the early 1990s were that output ran too far ahead of
demand, and the yield earned on output sold was insufficient to cover
costs. This book uses a simple yet powerful model to explore linkages
between the fundamentals of airline economics and the volatility of
industry results at the operating level. Its four parts look in turn at
output, unit cost, traffic, and yield. Through their effect on operating
expenses and revenues, these variables and the relationships between them
drive operating profit and loss. Stephen Holloway explains how market
liberalization and deregulation are providing new opportunities for
airline executives to manage more actively the four elements in the model.
He makes extensive use of examples of what is being done in practice.
Straight and Level is an extremely useful book for those in middle and
senior management positions within the airline industry, for executives
and companies supplying the industry such as airframe, powerplant, and
avionics manufacturers, and for those in financial institutions. It is
also of value to students of air transport. Contents: Figures and tables;
Acknowledgements; Abbreviations; Preface; Part I: Airline output; The
basic economics of supply; The general structure of air transport markets;
Capacity management; Scheduling; Computer reservations systems; Part II:
Unit Costs; Airline costs and their classification; Management of airline
cost drivers; Network structures and strategies; Part III: Traffic; The
basic economics of air transport demand; Market segmentation; Demand
forecasting; Part IV: Yield; Pricing; Yield; Yield management; Load
factors. Stephen Holloway Aviation Consultant based in Dubai, UAE. He is a
consultant to the air transport industry specializing in both strategic
and financial management. He has worked at a senior level in merchant
banking, is a qualified pilot, and holds graduate degrees from Cranfield
University, the University of Southern California and the London School of
Economics. He is also author of Changing Planes: A Strategic Management
Perspective on an Industry in Transition, Volume 1 and Volume 2 (1998) and
Aircraft Acquisition Finance (1992, Pitman). |
US$
99.95
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