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The relative effect of operational hedging on airline operating costs

机译：运营对冲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：由于最近的对冲损失，虽然延长了膨胀率相对较低的燃料价格和金融对冲成本上升，但许多航空公司决定通过运营对冲策略来管理风险暴露。基于80个全球航空公司的样本，我们评估了业务对冲的成本影响及其与金融对冲的关系。我们的研究结果表明，基于飞机发动机通用的操作对冲显着降低了运营成本，但它不作为管理喷射燃料风险曝光的独立策略。我们的实证模型表明，与金融衍生物一起部署运营对冲比组合更有效，它们不仅降低了单位成本，而且还增加了盈利能力。

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