Bajo el contexto que vivimos y el impulso que se ha dado a la interacción de los clientes en los medios online, muchos rubros de negocios se han visto afectados. Un rubro importante que no se mantiene al margen es el del transporte aéreo, cuyas aerolíneas tratan de cuidar a sus clientes a pesar de los mensajes negativos que reciben constantemente por estos medios. Por ello este estudio buscó como objetivo fundamental determinar la relación entre el entre el eWOM y la resiliencia de los clientes de Chiclayo hacia la información negativa en las aerolíneas. La investigación tuvo un enfoque cuantitativo de tipo aplicada, diseño no experimental y de nivel correlacional. Se requirió de 200 clientes de aerolíneas, provenientes de la provincia de Chiclayo y que cumplían con los requisitos propuestos. Se aplicó como instrumento dos cuestionarios adaptados que fueron unificados (Heninf Thurau et al., 2004) y (Eisingerich, 2011) de 21 preguntas en total. Para el procesamiento se usó el programa SPSS 25 y el Excel. Finalizando con resultados que mostraron la existencia de una relación significativamente buena entre ambas variables. / Under the context we live in and the boost that has been given to customer interaction in online media, many business areas have been affected. An important item that is not left out is that of air transport, whose airlines try to take care of their customers despite the negative messages they constantly receive through these means. Therefore, this study sought as a fundamental objective to determine the relationship between the eWOM and the resilience of Chiclayo customers towards negative information on airlines. The research had a quantitative approach of applied type, non-experimental design and correlational level. 200 airline customers were required, from the province of Chiclayo and who met the proposed requirements. Two adapted questionnaires were applied as instruments that were unified (Heninf Thurau et al., 2004) and (Eisingerich, 2011) of 21 questions in total. For the processing, the SPSS 25 program and Excel were used. Ending with the results that showed the existence of a significantly good relationship between both variables.

To counter the problem of the volatility of jet fuel prices within the United States, many financial managers of U.S. airlines use hedging as a financial tool to mitigate the risk of exposure to market price volatility. However, their efforts often lead to financial distress for their airlines. The purpose of this qualitative grounded theory study was to explore U.S. airline managers' use of financial hedging to reduce the risk of exposure from the volatility of jet fuel prices. The conceptual framework was Simkowitz's theory of modern finance, which concerns debt policy, dividend policy, and investment policy as they relate to financial decision making by upper management. The research questions addressed when, why, and how U.S. airline financial managers would consider the use of hedging as a financial tool to mitigate the risk in the purchase of jet fuel at times of lower jet fuel prices. Interviews with a purposive sample of 20 U.S. airline financial managers provided data for analysis and theory development of jet fuel hedging utilization in the U.S. airline industry. Data analysis using the constant comparative method enabled the development of a theory of jet fuel hedging utilization. Participants reported using over-the-counter derivatives purchasing strategies as a form of hedging to protect their airlines against spikes in jet fuel prices on the open market. Using study findings, managers may be able to reduce jet fuel operating costs in the U.S. airline industry. Implications for positive social change include potentially higher profits and more jobs as well as lower consumer prices.

<p><strong>Purpose:</strong> The study aims to, from a companys point of view, describe how strategic work with customer loyalty is done.</p><p><strong>Conclusion:</strong> Another possible way to try to create loyalty is to exceed the expectations whether the customer is a member of the loyalty program or not. A strong brand with a good reputation can also contribute to a stronger loyalty. Reward systems gradually reward the customers since they first need to collect points, or in this case miles, to be able to use them later on. The staff is often educated in service to be able to interact with the customer in a professional manner. One way to interact with the members of the loyalty program is through profiles on the internet. To work with loyalty programs is a way for companies to get loyal customers.</p>

Purpose: The study aims to, from a companys point of view, describe how strategic work with customer loyalty is done. Conclusion: Another possible way to try to create loyalty is to exceed the expectations whether the customer is a member of the loyalty program or not. A strong brand with a good reputation can also contribute to a stronger loyalty. Reward systems gradually reward the customers since they first need to collect points, or in this case miles, to be able to use them later on. The staff is often educated in service to be able to interact with the customer in a professional manner. One way to interact with the members of the loyalty program is through profiles on the internet. To work with loyalty programs is a way for companies to get loyal customers.

Economic and trade exchanges have become more and more frequent between China and Taiwan in recent years. After decades of confrontation, it is finally evident that a tighter ice-breaking relationship exists now between the two governments reinforced by an inseparable historical relationship between the two peoples. Accordingly, both governments have established responsible organizations - the Mainland Affairs Council and the Association for Relations Across the Taiwan Straits ¡V to coordinate and solve the demands of the people. As a result of positive changes in policy, one of the main expected benefits amongst more commercial opportunities are the cross-strait direct flights. In recent years, difficult times have hit Taiwan's airline industry coming initially from a highly competitive domestic airline environment, followed by the establishment of the High-Speed Rail system and further dragged down from the Financial Crisis. The result was a reduction in market share and revenues far below the levels in its boom years forcing players to reduce the number of flights and routes to various parts within Taiwan and shutdown of one of the major domestic airlines. However, after the announcement and release of the new cross-strait direct-flight policy, Taiwan's airline industry is expected to recover from this depression and come to life. Nevertheless, the most significant issue is how the Taiwanese airlines will implement their marketing strategies to establish a strong position for themselves within the Taiwan market. Therefore, this study aims Therefore, this study aims to use a case study approach to analyze cross-strait direct-flight strategies, and it is hoped that this research can be used as a reference for airlines to establish their strategic planning and an appropriate business model for the future. The process and abstract of this research are as follows: 1) Gain a clear understanding of direct-flight policy and analyze the current status of the airlines industry 2) Analyze market potential and business opportunities for the airline industry arising from the direct-flight policy 3) Evaluate prevailing growth strategies for the airline industry moving forward 4) Case Study of China Airlines: Operating Performance and Industry Environmental Analysis 5) Study and provide recommendations on cross-strait direct-flight strategies for China Airlines

[pt] Esse estudo investiga em que medida o desenvolvimento e introdução de novas aeronaves moldam a estrutura da rede das companhias aéreas. Argumento que aeronaves modernas são mais eficientes e adequadas para operar voos entre cidades menores e menos centrais, favorecendo assim o serviço em mais mercados na periferia da rede. Com dados sobre o tráfego aéreo dos Estados Unidos, utilizo um arcabouço de escolha discreta para modelar as decisões de entrada das companhias e a subsequente escolha de aeronave em cada mercado. Experimentos contrafactuais mostram que, caso o desenvolvimento de tecnologia tivesse cessado em 1999, a rede de tráfego aéreo como um todo estaria mais centralizada, a maioria das companhias estariam operando redes mais centradas em torno de hubs, alcançando menos cidades e servindo menos mercados. / [en] This paper studies to what extent the development of new aircraft shapes airlines network structure. I argue that modern aircraft are more efficient and well suited to operate flights between smaller and less central cities, hence favoring the service of more markets in the periphery of the network. Using U.S. air traffic data, I employ a discrete choice framework to model airlines entry decisions and the subsequent aircraft choice to each market. Counterfactual experiments show that had aircraft technology ceased to improve in 1999, the air traffic network as a whole would be more centralized, airlines would be operating more hub-centered networks, reaching fewer cities, and serving fewer markets.

The aim of this thesis is to analyze the changes to marketing strategy of airline companies in Europe due the proliferation of low-cost carriers in Europe. The thesis is divided into three parts. In the theoretical part the marketing strategy framework is established by reviewing the latest literature on marketing theory and its application to the airline industry. The second chapter provides the historical background and shows the specifics of the airline industry in order to determine when the proliferation of low-cost carriers in Europe occurred. It also analyzes the impact the proliferation had on the business operations of the network carriers by looking at the changes to different elements of the marketing mix. Finally the third chapter summarizes the authors research on consumer behavior in the airline industry. The research was conducted through a quantitative questionnaire and it investigates consumers perception of price and brand awareness.

The aim of the thesis is to provide investors and other stakeholders with an approach how to calculate the fair value of a company and its stocks to make an investment decision. As stock market prices are influenced by many events, they rarely reflect the true underlying value of the company. The company investigated in this thesis is the German airline company Lufthansa. A strategic, a financial and a ratio analysis are performed before the fair value is assessed using the discounted cash flow method under three future scenarios. The analyses revealed a possible undervaluation of the company, which led to a buy recommendation for shares of Lufthansa.

In recent years European airspace has become increasingly congested and airlines can now observe that en-route capacity constraints are the fastest growing source of flight delays. In 2010 this source of delay accounted for 19% of all flight delays in Europe and has been increasing with an average yearly rate of 17% from 2005 to 2010. This paper suggests and evaluates an approach to how disruption management can be combined with flight planning in order to create more proactive handling of the kind of disruptions, which are caused by congested airspace. The approach is evaluated using data from a medium size European carrier and estimates a lower bound saving of several million USD.

本論文分為兩部分，第一部份是探討全球航空產業的油料避險會不會對公司價值有所影響，以及油料避險的誘因。第二部份則是檢視全球航空公司的風險曝露會不會影響分析師的預測誤差，尤其是燃油價格變動的風險曝露。 / In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies. In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures. Two essays are comprised in this dussertation to examine whether jet fuel hedging has effects on firm value and analysts’ forecast accuracy in the global airline industry. Using global data allows us to cmpare the differences of jet fuel hedging behavior and incentives for hedging across different sub-samples. Furthermore, we also examine how jet fuel hedging affects analysts’ forecast erros across different sub-samples and its implications for firm disclosures about their risk exposures in the financial reports. In the first essay, we examine whether jet fuel hedging increases the market value of airline companies around the world. Using a sample of 70 airline companies from 32 countries over the period 1995 to 2005, we find that jet fuel hedging is not significantly positively related to their firm value in the global airlines, but this positive relationship holds in the various sub-samples and is significant for US and non-alliance firms. Moreover, our results show that the risk-taking behavior of executives and the tendency to avoid financial distress are important determinants for the jet fuel hedging activities of non-US airline companies. Alleviating the problem of underinvestment is also an important factor to explain the jet fuel hedging activities of US and non-alliance firms. Our results add support to the growing body of literature which finds that hedging increases firm value for global airline companies. In the second essay, we examine the extent analysts revise their earnings forecasts in response to oil price, interest rate and foreign exchange rate shocks they have observed during the year, and whether these revisions contain additional information about how current and past price shocks affect reported earnings, using the sample of the global airline industry. Empirical results indicate that jet fuel hedging can increase analysts’ forecast revisions in the total sample, and in the sub-sample of the volatile fuel price period. These results can also be seen in US and non-US airlines, and airlines with both strong and weak governance. Overall, our results show that oil price shocks play an important role in investor and analyst information uncertainty with regard to the global airline industry. Consequently, corporate risk disclosures only provide limited information about firms’ financial risk exposures.