airline industry as an example and derives the optimal fuel cost hedging ratio as a function of firm-specific revenue and cost … capture the time-variation in the fuel cost hedging demand for a typical airline. By regressing the logarithm of Tobin's Q … market hedging demand is high. More important, we use the time-series correlation between an airline's hedging ratio and the …

difference, among the merging firms. We use a sample of 19 horizontal M&As in the international airline industry and data … spanning from 1980-2012. Our models show that M&As do not affect unit costs in a significant way, unless the relative size … difference of the merging firms is large, in which case we detect an increase in unit costs …

In this study we analyze the determinants of airline price dispersion. We particularly concentrate on the conduct and … marginal cost efficiency. The effect of conduct on price dispersion seems to depend on the characteristics of the market. For … margial cost efficiency has a negative effect on price dispersion …