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Airlines follow different strategies of aircraft sourcing and financing. Basic decisions include the choice of buy versus lease and long term versus short term acquisition of aircraft. Additional fleet and fleet planning characteristics include the desired fleet size, average aircraft age, or possible surplus in capacity.
Do these variables have an impact on financial success? Taking the perspective of a shareholder, the author uses multivariate regression methodology to evaluate abnormal returns in stock market´s reaction to the terrorist attacks on September 11, 2001, the Financial Crisis 2008, and to aircraft accidents and aircraft orders 1994-2009. In further regression analyses the relationship of fleet variables to a company´s revenue growth and profitability is examined.
Potential readerships include researchers and practitioners with interest in how decisions could be taken in favor of shareholders in an aircraft fleet planning context.

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1. Introduction.- 2. Basics of aircraft sourcing and financing.- 3. Development of the air capacity market.- 4. Financial performance of airlines and airline holdings.- 5. Summary of current situation and link to research topic.- 6. Research hypotheses and scope.- 7. Analysis of fleet planning decisions and financial success.- 8. Discussion of results against hypotheses and literature.- 9. Conclusion and recommendation.- Literature references.- Interview references.- Appendices.

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Ralf Günther published his work with Kölner Wissenschaftsverlag until 2018.

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