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Mathematical Modeling of the Financial Impact of Air Crashes on Airlines and Involved Manufacturers

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Mathematical Modeling of the Financial Impact of Air Crashes on Airlines and Involved Manufacturers

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dc.contributor.author Alcaide González, María Ángeles es_ES
dc.contributor.author Celani, Alberto es_ES
dc.contributor.author Cervera Chasan, Paula es_ES
dc.contributor.author De la Poza, Elena es_ES
dc.date.accessioned 2023-06-21T18:02:09Z
dc.date.available 2023-06-21T18:02:09Z
dc.date.issued 2022-03 es_ES
dc.identifier.uri http://hdl.handle.net/10251/194470
dc.description.abstract [EN] Despite air transport being the safest way to travel, accidents still happen, which incur massive costs and many consequences for industry and society. The main objective of this research is to determine the financial impact of air crashes by distinguishing between fatal and non-fatal events and their effect on the market stock price of the involved companies of airlines and manufacturers. This study also aims to contribute to the literature about the Event Study Methodology by determining which model of the two most employed in this methodology (Market model or Fama-French model) provides more accurate results. The results reveal that the companies harmed when an air crash occurs include the involved airline, regardless of the causes of the crash if it was a fatal event. However, with non-fatal events, the impact on airlines differs depending on the event¿s outcome. In any case, effects are immediate, especially on the same day the event occurred. Nevertheless, manufacturing firms show no negative abnormal returns after an air crash. Finally, the Market model is more accurate in this study. These results are important for investors since they show mistrust in air transport and losses only occur in the airline involved, especially if the accident is fatal. In turn, our results provide reassurance to investors in manufacturing companies in the event of such an occurrence. In any case, this study has shown that both airlines and manufacturers must continue to promote and improve safety es_ES
dc.language Inglés es_ES
dc.publisher MDPI AG es_ES
dc.relation.ispartof Mathematics es_ES
dc.rights Reconocimiento (by) es_ES
dc.subject Airline industry es_ES
dc.subject Safety es_ES
dc.subject Event study methodology es_ES
dc.subject Stock markets es_ES
dc.subject Shares price es_ES
dc.subject Stock returns es_ES
dc.subject Air crashes es_ES
dc.subject Market model es_ES
dc.subject.classification ECONOMIA FINANCIERA Y CONTABILIDAD es_ES
dc.title Mathematical Modeling of the Financial Impact of Air Crashes on Airlines and Involved Manufacturers es_ES
dc.type Artículo es_ES
dc.identifier.doi 10.3390/math10050715 es_ES
dc.rights.accessRights Abierto es_ES
dc.contributor.affiliation Universitat Politècnica de València. Facultad de Administración y Dirección de Empresas - Facultat d'Administració i Direcció d'Empreses es_ES
dc.description.bibliographicCitation Alcaide González, MÁ.; Celani, A.; Cervera Chasan, P.; De La Poza, E. (2022). Mathematical Modeling of the Financial Impact of Air Crashes on Airlines and Involved Manufacturers. Mathematics. 10(5):1-18. https://doi.org/10.3390/math10050715 es_ES
dc.description.accrualMethod S es_ES
dc.relation.publisherversion https://doi.org/10.3390/math10050715 es_ES
dc.description.upvformatpinicio 1 es_ES
dc.description.upvformatpfin 18 es_ES
dc.type.version info:eu-repo/semantics/publishedVersion es_ES
dc.description.volume 10 es_ES
dc.description.issue 5 es_ES
dc.identifier.eissn 2227-7390 es_ES
dc.relation.pasarela S\455693 es_ES
dc.subject.ods 08.- Fomentar el crecimiento económico sostenido, inclusivo y sostenible, el empleo pleno y productivo, y el trabajo decente para todos es_ES
dc.subject.ods 09.- Desarrollar infraestructuras resilientes, promover la industrialización inclusiva y sostenible, y fomentar la innovación es_ES


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