utilization in the U.S. airline industry. We present a simple theoretical model that predicts that lower demand realizations are …

In recent years the Value at Risk (VaR) concept for measuringdownside risk has been widelystudied. VaR basically is a … summary statistic that quantifies theexposure of an asset or portfolio tomarket risk, or the risk that a position declines in … be helpful to study market value risk -- proxied by shareprice risk. We develop amethodology to decompose the overall VaR …