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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

dc.contributor.author	Alcaide González, María Ángeles
dc.contributor.author	Celani, Alberto
dc.contributor.author	Cervera Chasan, Paula
dc.contributor.author	De la Poza, Elena
dc.date.accessioned	2023-10-10T12:02:41Z
dc.date.available	2023-10-11T04:45:08Z
dc.date.issued	2022	es_ES
dc.identifier.citation	Alcaide, M. Á., Celani, A., Chasan, P. C., & De La Poza, E. (2022). Mathematical Modeling of the Financial Impact of Air Crashes on Airlines and Involved Manufacturers. Mathematics, 10 (5).	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/90087
dc.description.abstract	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.iso	en	es_ES
dc.publisher	MDPI AG	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.title	Mathematical modeling of the financial impact of air crashes on airlines and involved manufacturers	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.3390/math10050715	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES
dc.type.hasVersion	VoR	es_ES
dc.rights.accessRights	open access	es_ES