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Jet fuel hedging in the European airline industry : determinants and value of hedging

Kvello, Christian; Stenvik, Henrik Nesset
Master thesis
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URI
http://hdl.handle.net/11250/168267
Date
2009
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  • Master Thesis [4207]
Abstract
This master thesis examines the jet fuel hedging behavior in the European airline industry

using publicly available information. US companies are also included for comparisons

between the markets. The thesis concludes that jet fuel hedging airlines have higher marketto-

book ratios measured by Tobin’s Q. The authors believe that putting an absolute number on

the hedging premium, must be done with caution. The hypothesis that hedging adds more

value in periods of greater uncertainty and higher volatility is inconclusive and rejected. Of

the variables included in regressions, the papers suggest that the most important determinants

of jet fuel hedging levels are company size, dividends, debt ratio and investment levels.

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