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Can financial markets inform operational improvement efforts? Evidence from the airline industry

机译：金融市场能否为运营改进工作提供信息？来自航空业的证据

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摘要

Airlines industry compete on several dimensions of operations such as service quality, and timeliness, poor in-flight service, damaged or lost baggage, or being denied boarding onto an overbooked flight. Therefore airline operations managers need to know which dimensions are target for improvement. The present research work has used information from stock price movements to examine how investors react to changes in service quality in the airline industry. The data was collected from major US airlines report on their flight operations to the Department of Transportation (DOT) which is available to the public via downloadable databases on important dimensions of service quality. Based on the monthly data for eleven major U.S. carriers over the period 1990-2009, the paper models investors' expectations of operational performance along different dimensions of service quality, and then examine how unexpected operational performance impacts contemporaneous airline stock price movements. Using a panel data approach, also termed as the information content/events study paradigm, the findings showed that an unexpected increase in the proportion of flights incurring long delays or cancellations has a significant negative impact on stock returns, and how carrier-specific factors affect the relationship. (40 refs.)
机译：航空业在运营的多个方面进行竞争，例如服务质量和及时性，机上服务质量差，行李损坏或丢失，或者被拒绝登上超额预定的航班。因此，航空公司运营经理需要知道哪些尺寸是改进目标。当前的研究工作利用股票价格变动中的信息来检验投资者如何应对航空业服务质量的变化。这些数据是从美国主要航空公司到运输部（DOT）的航班运营报告中收集的，该报告可通过可下载的有关服务质量重要方面的数据库向公众公开。根据1990年至2009年期间美国11家主要承运商的月度数据，本文以投资者在不同服务质量维度上的运营绩效预期为模型，然后研究意料之外的运营绩效如何影响同期的航空公司股价走势。使用面板数据方法（也称为信息内容/事件研究范式），研究结果表明，导致长时间延误或取消的航班比例意外增加，对库存收益产生了显着的负面影响，并且特定于承运人的因素如何影响关系。 （40篇）

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  • 来源
    《Operations Research》 |2014年第4期|365-367|共3页
  • 作者

    Kamalini Ramdas; Jonathan Williams; Marc Llpson;

  • 作者单位

    Management Science and Operations,London Business School, London NW1 4SA, UK;

    Department of Economics, Terry College of Business,University of Georgia, Athens, GA 30602;

    Darden School of Business, University of Virginia, Charlottesville, VA 22903;

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