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The relative effect of operational hedging on airline operating costs

机译：经营套期保值对航空公司运营成本的相对影响

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摘要

Due to recent hedging losses, albeit prolonged volatility relatively low fuel prices and rising costs of financial hedging, many airlines decided to forego or scale-back their financial jet fuel derivatives and instead manage the risk exposure through operational hedging strategies. Based on a sample of 80 global airlines, we evaluate the cost impact of operational hedging and its relationship with financial hedging. Our results show that operational hedging based on aircraft engine commonality significantly reduces operating cost but it does not work as a standalone strategy to manage jet fuel risk exposure. Our empirical models demonstrate that deploying operational hedging in conjunction with financial derivatives is much more effective as in combination they not only reduce unit cost but also increase profitability.
机译：由于近期的对冲损失，尽管相对较低的燃油价格波动持续时间较长，并且金融对冲的成本不断上升，但许多航空公司还是决定放弃或缩减其金融喷气燃料衍生品，而是通过运营对冲策略来管理风险敞口。基于80家全球航空公司的样本，我们评估了运营对冲的成本影响及其与金融对冲的关系。我们的结果表明，基于飞机发动机通用性的运营对冲可显着降低运营成本，但它不能作为管理航空燃油风险的独立策略。我们的经验模型表明，结合金融衍生品来部署运营对冲更为有效，因为它们结合起来不仅可以降低单位成本，而且可以提高利润率。

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