This dissertation consists of five papers with specific objectives. The overall objective is, however, to seek a deeper understanding of the challenges of real estate management in the commercial real estate sector. The purpose of the first two papers is to provide a mapping of the industry and a better knowledge of the main organizational strategies of the companies and their view of customer relations. The third paper looks at the possibility that the online office market is a so-called lemons market, where primarily "bad" objects are marketed. The last two papers compares companies that outsource property management and companies that has property management in house. The first of the two (paper IV) address the question of incentives for effort and the second (paper V) address information for decision-making, both however consider how the real estate owner has created incentives and regulations to ensure that they are informed. From the first paper we learn that the commercial real estate industry in Sweden already before 2004 had made a shift from a product focus towards a customer/service focus. However we could not see an increased customer focus in the annual reports during the years 2004-2008. Paper II also conclude that regardless of organisational form of management, inhouse or outsourced, the executives state that the chosen form I to be able to deliver best service to the customer. In paper III a test of the online marketplace for offices in Malmö CBD was conducted to investigate if the market is a lemon market or not. Management form was one of the quality signals together with scale, existence of a local office and if the company has been involved in cases in the special court for rents (Hyresnämnden). The conclusion was that lemons hypothesis could not be rejected. The conclusions from paper IV and V pinpoints the occurrence of differences in how to build incentives for the real estate management organisation, if it is organised in-house or outsourced. As the management teams in the outsourced setting primarily is governed by the contract between the real estate owning company, and the service providing company, and there it is decided when and how they are to deliver in terms of service and information. The real estate management teams in the in-house setting instead act under a large freedom with responsibilities governing the outcome of their services and not any checklists or jobdescriptions. Regardless of how the management teams are governed they do not have monetary incentives tied to their individual performance. / <p>QC 20150929</p>

Representation of women in the lowest floor of Czech politics (the smallest municipalities) is percent higher than representation of women in the highest elected political office at the central level. There is a rule: the higher function, the smaller the percentage of women. This thesis focuses on reciprocal proportion between power importance of the political function and the percentage of women engaged in political office. The thesis search for answer to the question: What are the reasons of the reciprocal proportion between power importance of political function and the percentage of men and women who perform a given function? The goal of the thesis is find why the women are represented in the functions of the lower floors of politics more than the upper floors.

Fundação de Amparo à Pesquisa do Estado do Rio de Janeiro / A presente pesquisa objetiva analisar a utilização da Lei n 11.195/05, a Lei do Bem, por micro e pequenas empresas de base tecnológica - EBTs incubadas localizadas no polo tecnológico de Santa Rita do Sapucaí (MG), considerando para isto a interação da hélice tríplice, ou seja, a interação entre universidade-empresa-governo. Com intuito específico, objetiva identificar os principais motivos para a utilização da Lei do Bem, assim como dos motivos determinantes para a utilização ou não dos benefícios fiscais por ela proporcionados. A referida Lei proporciona benefícios fiscais voltados para a inovação e desenvolvimento de tecnologia, incluindo vantagens para a contratação de pesquisadores e na aquisição de equipamentos e maquinário para essas finalidades, entre outros. A pesquisa foi realizada pelo intermédio de uma estudo de campo na cidade de Santa Rita do Sapucaí (MG), que possibilitou a coleta dos dados mediante entrevistas estruturadas de maneira semiaberta com os empresários e órgão e instituições de apoio da região, possibilitando assim uma maior liberdade aos entrevistados para responderem dentro do roteiro estabelecido. O roteiro abrangia, de forma resumida, perguntas referentes à inovação, estrutura da região e do conhecimento e utilização da Lei do Bem. A análise dos dados coletados nas entrevistas constatou que o Arranjo Produtivo Local (APL) em que as empresas se encontram possui estrutura para a inovação e o desenvolvimento de tecnologia, entretanto, a interação entre os atores da hélice tríplice apresentou restrições em relação à utilização de financiamentos, fomentos e da utilização dos benefícios fiscais, em específico na dificuldade da utilização da Lei do Bem pelas empresas da região. Constatou-se nas as empresas pesquisadas, dificuldade para utilização de fomentos específicos para a inovação. Os fatores determinantes da dificuldade do uso da Lei do Bem apontados pela pesquisa foram o desconhecimento da Lei pelos empresários, falta de informação sobre a Lei e, o regime tributário escolhido. Esse estudo pode contribuir para aumentar o alcance da Lei do Bem às Micro e Pequenas Empresas (MPEs), e pela análise da citada Lei ao longo dos seus oito anos de vigência, sendo sete deles já reportados pelo Ministério da Ciência, Tecnologia e Inovação (MCTI), que resultou em uma lista com 1456 empresas que já se utilizaram dos benefícios proporcionados pela Lei do Bem de 2006 a 2012. / This research aims to analyze the use of Law No. 11.195/05, the Goodwill Law, for micro and small enterprises incubated technological base located in the technology hub of Santa Rita do Sapucaí (MG), considering that for the interaction of the triple helix, in other words, the interaction between university-industry-government. With specific, objective order to identify the main reasons for the use of the Goodwill Law, as well as determining reasons for using or not the tax benefits provided by. This law provides tax benefits directed towards innovation and technology development, including benefits for hiring researchers and the purchase of equipment and machinery for these purposes, and other incentives that will discourse in this research. The survey was conducted by means of a field study in the city of Santa Rita do Sapucaí (MG), which enabled the collection of data through structured interviews with semi-open way entrepreneurs and supporting organ and institutions in the region, thus enabling greater liberty to the respondents to respond within the established script. The script included, briefly , questions relating to innovation , structure of the region and knowledge and use of the Good Law Analysis of the data collected in the interviews found that the Local Productive Arrangement (APL) in which companies are own structure for innovation and technology development , however, the interaction between the actors of the triple helix introduced restrictions on the use of funds , encouragements and utilization of tax benefits , in particular the difficulty of using the Law of Good by companies in the region. It was found in the surveyed companies, difficulty using specific encouragements to innovation. The determinants of the difficulty of using the Goodwill Law found in the survey were the lack of Law by entrepreneurs, lack of information about the law and the tax regime chosen. This study may contribute to increase the reach of the Goodwill Law for Micro and Small Enterprises (MSE), and the examination of the said Act throughout its eight-year term , seven of them already reported by the Ministry of Science , Technology and Innovation (MCTI) , which resulted in a list of 1456 companies who have already used the benefits provided by the Good Law from 2006 to 2012.

Fundação de Amparo à Pesquisa do Estado do Rio de Janeiro / A presente pesquisa objetiva analisar a utilização da Lei n 11.195/05, a Lei do Bem, por micro e pequenas empresas de base tecnológica - EBTs incubadas localizadas no polo tecnológico de Santa Rita do Sapucaí (MG), considerando para isto a interação da hélice tríplice, ou seja, a interação entre universidade-empresa-governo. Com intuito específico, objetiva identificar os principais motivos para a utilização da Lei do Bem, assim como dos motivos determinantes para a utilização ou não dos benefícios fiscais por ela proporcionados. A referida Lei proporciona benefícios fiscais voltados para a inovação e desenvolvimento de tecnologia, incluindo vantagens para a contratação de pesquisadores e na aquisição de equipamentos e maquinário para essas finalidades, entre outros. A pesquisa foi realizada pelo intermédio de uma estudo de campo na cidade de Santa Rita do Sapucaí (MG), que possibilitou a coleta dos dados mediante entrevistas estruturadas de maneira semiaberta com os empresários e órgão e instituições de apoio da região, possibilitando assim uma maior liberdade aos entrevistados para responderem dentro do roteiro estabelecido. O roteiro abrangia, de forma resumida, perguntas referentes à inovação, estrutura da região e do conhecimento e utilização da Lei do Bem. A análise dos dados coletados nas entrevistas constatou que o Arranjo Produtivo Local (APL) em que as empresas se encontram possui estrutura para a inovação e o desenvolvimento de tecnologia, entretanto, a interação entre os atores da hélice tríplice apresentou restrições em relação à utilização de financiamentos, fomentos e da utilização dos benefícios fiscais, em específico na dificuldade da utilização da Lei do Bem pelas empresas da região. Constatou-se nas as empresas pesquisadas, dificuldade para utilização de fomentos específicos para a inovação. Os fatores determinantes da dificuldade do uso da Lei do Bem apontados pela pesquisa foram o desconhecimento da Lei pelos empresários, falta de informação sobre a Lei e, o regime tributário escolhido. Esse estudo pode contribuir para aumentar o alcance da Lei do Bem às Micro e Pequenas Empresas (MPEs), e pela análise da citada Lei ao longo dos seus oito anos de vigência, sendo sete deles já reportados pelo Ministério da Ciência, Tecnologia e Inovação (MCTI), que resultou em uma lista com 1456 empresas que já se utilizaram dos benefícios proporcionados pela Lei do Bem de 2006 a 2012. / This research aims to analyze the use of Law No. 11.195/05, the Goodwill Law, for micro and small enterprises incubated technological base located in the technology hub of Santa Rita do Sapucaí (MG), considering that for the interaction of the triple helix, in other words, the interaction between university-industry-government. With specific, objective order to identify the main reasons for the use of the Goodwill Law, as well as determining reasons for using or not the tax benefits provided by. This law provides tax benefits directed towards innovation and technology development, including benefits for hiring researchers and the purchase of equipment and machinery for these purposes, and other incentives that will discourse in this research. The survey was conducted by means of a field study in the city of Santa Rita do Sapucaí (MG), which enabled the collection of data through structured interviews with semi-open way entrepreneurs and supporting organ and institutions in the region, thus enabling greater liberty to the respondents to respond within the established script. The script included, briefly , questions relating to innovation , structure of the region and knowledge and use of the Good Law Analysis of the data collected in the interviews found that the Local Productive Arrangement (APL) in which companies are own structure for innovation and technology development , however, the interaction between the actors of the triple helix introduced restrictions on the use of funds , encouragements and utilization of tax benefits , in particular the difficulty of using the Law of Good by companies in the region. It was found in the surveyed companies, difficulty using specific encouragements to innovation. The determinants of the difficulty of using the Goodwill Law found in the survey were the lack of Law by entrepreneurs, lack of information about the law and the tax regime chosen. This study may contribute to increase the reach of the Goodwill Law for Micro and Small Enterprises (MSE), and the examination of the said Act throughout its eight-year term , seven of them already reported by the Ministry of Science , Technology and Innovation (MCTI) , which resulted in a list of 1456 companies who have already used the benefits provided by the Good Law from 2006 to 2012.

The purpose of this thesis is to analyze role of Small - Medium Sized Enterprises (SMEs) in Turkey's Integration to EU. SMEs have a strategic importance in providing sustainable development, employment and value added in the economies. So that, European Union and Turkish Goverment have carried out several policies in order to support SMEs. These policies facilitate the process of creating, maintaining and improving business skills and opportunities of SMEs. They play significant role in Turkey's accession to EU. One of the purposes of the research is to explore indicators and effects of Turkish SMEs in EU integration. Also, it explores the effects of strategic alliances of Turkish and European SMEs all over the world. In this research, chapter 1 aims to describe SME definitions for EU, Turkey and other countries. In addition, the factors that determine these definitions in Turkey and EU have been discussed. Chapter 2 examines current policies of SMEs in Turkey and their strengths, weakness, problems accordingly. In chapter 3, current European SME policies have been described and their impacts to Turkish SMEs have been mentioned. Funds and incentives for SMEs from EU and their contribution to Turkish SMEs have been also explained in this chapter. In the last chapter, importance of SMEs in Turkish and European economies has been mentioned. Influence of Turkish SMEs has been indicated on the EU integration and in response to this influence; effect of European SMEs in Turkish Economy has been pointed out. After all, it has been exposed to worldwide effects after strategic alliances of European and Turkish SMEs.

O trabalho tem como objetivo avaliar as políticas aplicadas na implantação do Programa Nacional de Produção e Uso de Biodiesel (PNPB) e do PROALCOOL, assim como as atuais políticas que implantam o Programa de Biodiesel e de Biogasolina na Colômbia. O estudo revisa a experiência brasileira na produção e consumo de etanol frente à aplicação e/ou retirada de incentivos governamentais durante a implantação, desenvolvimento, e consolidação do PROALCOOL (1975-2006), e analisa os incentivos no programa colombiano de biogasolina, entre outros: isenções fiscais, remuneração garantida ao produtor e financiamentos para a instalação de novas plantas. No caso do biodiesel analisa-se a agricultura familiar como ferramenta do Programa de Biodiesel e algumas das diretrizes técnicas e sociais propostas pela PETROBRÁS para a produção de oleaginosas sob a figura do arranjo produtivo. As diretrizes são comparadas com algumas das condições técnicas e sociais na Colômbia para medir as possibilidades de inserção. / The study develops an assessment of policies applied in the implementation of the National Program for Production and Use of Biodiesel (PNPB) and the PROALCOOL in Brasil, as well as current policies underway to implement the Biodiesel and Biogasoline Program in Colombia. This work reviews the Brazilian experience to promote production and consumption of ethanol, including granting and retrieval of incentives, towards development and consolidation of PROALCOOL (1975-2006). It also examines the incentives in the Colombian of biogasoline, among others : tax exemptions, guaranteed return to the producer and funding for the installation of new plants. Small family farms arrangements alongside with technical and social guidelines proposed by Petrobras to produce biodiesel are also analysed.. The guidelines are compared with some of the technical and social conditions in Colombia to evaluate potential adoption of similar measures.

Šiame darbe siekiama ištirti paskatų tiesioginėms užsienio investicijoms taikymo ypatumus naujose Europos Sąjungos šalyse – Lietuvoje, Latvijoje, Estijoje, Lenkijoje, Vengrijoje, Slovakijoje, Čekijoje ir Rumunijoje. Darbe atskleidžiami paskatų tiesioginėms užsienio investicijoms (TUI) teoriniai aspektai, analizuojamos šiuolaikinės TUI tendencijos, keliamos hipotezės apie atskirų šalių teikiamas paskatas tiesioginėms užsienio investicijoms ir jų patrauklumą. Šioms hipotezėms patvirtinti ar paneigti vykdomas dviejų etapų tyrimas, kuriuo parodoma, kiek apskritai ir kokias paskatas teikia pasirinktos šalys, taip pat nustatomi paskatų tiesioginėms užsienio investicijoms reitingai, kuriais parodomas skirtingas kiekvienos šalies teikiamų paskatų patrauklumas. Tyrimo rezultatai parodė, jog visos nagrinėjamos šalys teikia skirtingas paskatas tiesioginėms užsienio investicijoms. Įvertinus šalis pagal suminį paskatų investicijoms reitingą, patraukliausios šalys investuotojams yra Vengrija, Rumunija, Latvija. Galiausiai pateikti atlikto tyrimo ribotumai bei rekomendacijos tolesniems šios srities tyrimams. / This paper deals with analyzing investment incentives for foreign direct investment (FDI) concentrating on new European Union countries’ practices (Lithuania, Latvia, Estonia, Poland, Hungary, Slovakia, Czech Republic and Romania). Firstly, the theoretical aspects of FDI incentives are described, then modern trends of FDI are examined and hypotheses about the range and attractiveness of investment incentives in selected countries are formulated. In order to confirm these hypotheses, the carried out research is divided into two stages, where quantity and variety of investment incentives is estimated and summary score of FDI incentives’ attractiveness is attributed to each country, showing how much the incentives’ system is well-favoured by investors. The results of the research identifies a wide range of investment incentives that are currently offered in new EU countries. Also, in conformity with the attributed summary score of FDI incentives, the most attractive countries are Hungary, Romania and Latvia. Finally, the limitations of this research and recommendations for further studies are presented.

O trabalho tem como objetivo avaliar as políticas aplicadas na implantação do Programa Nacional de Produção e Uso de Biodiesel (PNPB) e do PROALCOOL, assim como as atuais políticas que implantam o Programa de Biodiesel e de Biogasolina na Colômbia. O estudo revisa a experiência brasileira na produção e consumo de etanol frente à aplicação e/ou retirada de incentivos governamentais durante a implantação, desenvolvimento, e consolidação do PROALCOOL (1975-2006), e analisa os incentivos no programa colombiano de biogasolina, entre outros: isenções fiscais, remuneração garantida ao produtor e financiamentos para a instalação de novas plantas. No caso do biodiesel analisa-se a agricultura familiar como ferramenta do Programa de Biodiesel e algumas das diretrizes técnicas e sociais propostas pela PETROBRÁS para a produção de oleaginosas sob a figura do arranjo produtivo. As diretrizes são comparadas com algumas das condições técnicas e sociais na Colômbia para medir as possibilidades de inserção. / The study develops an assessment of policies applied in the implementation of the National Program for Production and Use of Biodiesel (PNPB) and the PROALCOOL in Brasil, as well as current policies underway to implement the Biodiesel and Biogasoline Program in Colombia. This work reviews the Brazilian experience to promote production and consumption of ethanol, including granting and retrieval of incentives, towards development and consolidation of PROALCOOL (1975-2006). It also examines the incentives in the Colombian of biogasoline, among others : tax exemptions, guaranteed return to the producer and funding for the installation of new plants. Small family farms arrangements alongside with technical and social guidelines proposed by Petrobras to produce biodiesel are also analysed.. The guidelines are compared with some of the technical and social conditions in Colombia to evaluate potential adoption of similar measures.

Made available in DSpace on 2016-03-15T19:32:26Z (GMT). No. of bitstreams: 1 Andreos Henrique Kuroki.pdf: 1058718 bytes, checksum: 60d2832e634aca46fb886c0b7b4eb0a5 (MD5) Previous issue date: 2011-02-10 / Fundo Mackenzie de Pesquisa / Despite all the positive factors that technological innovation can provide companies, since the creation of Tax Incentives for Technology Innovation Act of 2005 until 2009, only 1432 (thousand four hundred and thirty-two) companies have been benefited with this incentive, a very low volume compared with the number of companies considered innovative. It is estimated that only 14.5% of all enterprises that perform activities of Research and Development - R & D in the country are enjoying the benefits of Lei do Bem. The aim of this study is to identify the most relevant factors that motivate and hinder companies to use the tax incentive for technological innovation. This study is classified according to type as exploratory and descriptive. Regarding the method, this research is classified as qualitative. The population was composed of eleven companies that operate in different economic segments and the sample was represented by two groups of companies: those who have invested in innovation and technology research and were benefited with tax incentives for technological innovation and those who invested in innovation and technology research, however, not used this tax incentive. Data were collected through interviews with executives of these companies and the results were analyzed using the technique of content analysis. The main results of the study found that Brazilian companies are investing in technological innovation: to get competitive advantage over their competitors, keep the products current and competitive in domestic and international markets, reduce the number of complaints from its customers, maintaining its position in market, reduce costs and survive in the competitive market. The main factors that may hinder or prevent the Brazilian companies to invest in technological innovation are related: the uncertainty regarding the economic outlook and global crises, budget available to invest in technological innovation, lack of legislation to protect companies that invested in technological innovation , lack of skilled labor; rigidity of the organizational structure of businesses, reduction in profitability due to investment in innovation or due to restrictions of the headquarters. The main factors that prevent companies from using the Tax Incentive Technological Innovation are: requirement for regular tax; obligation to determine the Income Tax and Social Contribution on Real Profit; need to implement controls for the control of spending on technological innovation, unawareness of the benefits of the Good Law, the lack of clarity in the definition of projects that can be included in the incentive and the requirement that investments in innovation are made in the country. / Desde a criação do Incentivo Fiscal da Inovação Tecnológica pela Lei do Bem, em 2005 até o ano de 2009, apenas 1432 empresas foram beneficiadas pelo referido incentivo, um volume muito baixo quando comparado com a quantidade de empresas consideradas inovadoras. Estima-se que apenas 14,5% do total das empresas que realizam atividades de Pesquisa e Desenvolvimento (P&D) no país estejam usufruindo dos benefícios da Lei do Bem. Este estudo objetivou identificar os fatores mais relevantes que motivam e dificultam as empresas a utilizarem o incentivo fiscal da inovação tecnológica, segundo a percepção dos gestores das empresas. Quanto ao tipo, este estudo é classificado como exploratório e descritivo. Quanto ao método, esta pesquisa é classificada como qualitativa. No córpus analisado, a população foi composta por 11 empresas que atuam em diversos segmentos e a amostra foi representada por dois grupos de empresas: aquelas que investiram em inovação e pesquisa tecnológica e que usufruíram do incentivo fiscal da inovação tecnológica e aquelas que investiram em inovação e pesquisa tecnológica, mas que não utilizaram o referido incentivo fiscal. Os dados foram coletados por meio de entrevistas realizadas com executivos dessas empresas e os resultados foram analisados por meio da técnica de análise de conteúdo. A partir dos principais resultados do estudo, verifica-se que as empresas brasileiras investem em inovação tecnológica para: obter vantagens competitivas em relação a seus concorrentes, manter os produtos atualizados e competitivos no mercado nacional e internacional, reduzir o número de reclamações de seus clientes, manter sua posição no mercado, reduzir custos e sobreviver no mercado competitivo. Por outro lado, as empresas deixam de investir em inovação tecnológica devido: às incertezas quanto ao cenário econômico e às crises mundiais, ao orçamento disponível para investir em inovação tecnológica, à falta de uma legislação para proteção das empresas que investem em inovação tecnológica, à ausência de mão-de-obra especializada, à rigidez da estrutura organizacional das empresas, à redução da lucratividade em virtude dos investimentos em inovação e de burocracias e restrições de sua matriz. Os principais fatores que impedem as empresas de utilizar o Incentivo Fiscal da Inovação Tecnológica são: a exigência de regularidade fiscal, a obrigatoriedade de apurar o Imposto de Renda e a Contribuição Social sobre o Lucro Líquido com base no Lucro Real, a necessidade da implementação de controles para contenção dos gastos com inovação tecnológica, o desconhecimento dos benefícios da Lei do Bem, a falta de clareza na definição dos projetos que podem ser incluídos no incentivo e a exigência de que os investimentos em inovação sejam realizados no país.

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.