Foundations of Airline Finance: Methodology and Practice by Bijan Vasigh, Ken Fleming, Liam Mackay PDF

By Bijan Vasigh, Ken Fleming, Liam Mackay

ISBN-10: 1317802497

ISBN-13: 9781317802495

Lately the airline has skilled serious volatility in gains, with airways recording classes of considerable earnings which are heavily through sessions of economic misery. This development has persisted into the hot millennium, with various examples of airways around the globe coming into financial disaster security or liquidating.

The textual content presents an advent to either the fundamentals of finance and the actual intricacies of airline finance the place there should be major fluctuations in either sales and prices. This new version additionally includes:

capital budgeting
management of present assets
financial hazard analysis
fuel hedging
aircraft leasing

This textbook includes chapters that hide targeted features of the aviation monetary decision-making technique. those comprise a rigorous and established presentation of the purchase as opposed to rent selection that's regular within the undefined, a valuation procedure for aviation resources, the hot development towards privatization and the trouble inherent within the valuation of a publicly-owned or semi-publicly owned asset.

The Foundations of Airline Finance, now in its moment variation, is an introductory textual content that may be used both as a common monetary textual content or in a really expert classification that bargains with aviation finance specifically.

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Extra info for Foundations of Airline Finance: Methodology and Practice (2nd Edition)

Example text

This makes these contracts more desirable and thus more expensive. At the same time, nervous investors start to buy more put contracts to protect their positions against further losses, driving up the price even more. The price of any put option contract is based on the implied volatility. With all other factors remaining the same, if the price of an options contract goes up, the implied volatility for that contract will rise in concert. In fact, the implied volatility is a proxy for the option price.

Implied volatility corresponds to the market’s belief in what the share price of an underlying asset should be in the future. High implied volatility indicates that the market anticipates the stock will continue to be volatile, or keep moving significantly, either in the same direction or up and down. Low implied volatility shows that the market expects share price changes to be moderate. But implied volatility can also reveal much more than general market expectations. c02 10 November 2012; 20:40:11 Making Sense of Volatility in Options Trading 17 Since implied volatility stands in, to some extent, for option value, a variation in implied volatility suggests there is a change in the option value itself.

For a range of the next ten days, multiply 25 percent by the square root of 10/254. For twenty days, multiply 25 percent by the square root of 20/254. 50 percent. Believe it or not, this tool can be applied to help estimate the potential risk of an options position. Consider a hypothetical thirty-day at-the-money straddle. XYZ stock is currently trading at $40, and the thirty-day at-the-money options have an implied volatility of 30 percent. 12 per share, two-thirds of the time. This information may or may not cause a trader to think twice about selling this particular straddle, or it could instigate a different volatility strategy altogether.

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Foundations of Airline Finance: Methodology and Practice (2nd Edition) by Bijan Vasigh, Ken Fleming, Liam Mackay


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