Leasing in low-cost carriers
Autor(a) principal: | |
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Data de Publicação: | 2014 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/15933 |
Resumo: | The aim of this paper is to explore the use of aircraft leasing as a financing instrument in the low-cost carriers’ sector. These airlines have been showing a huge growth in the customers’ preferences, while aircraft leasing plays a relevant role in the financing options of airlines. In this study we determined that lease future commitments represent on average 80% of other debt commitments in low-cost carriers. Furthermore, we discovered that the leasing rate in low-cost airlines (49%) is superior to the global average (39%), partly explained by the lower capital requirements that a lease offers comparing to a purchase. We found a high negative correlation between average fleet age and use of leasing. The reason is that leases allow the airlines to renew the fleet more easily and get younger aircraft (in fact, 67% of the leased aircraft are newly-manufactured, something unlikely to happen with purchases). Negative correlations were also found between use of leasing and the variables of fleet size, on-time performance, profit margin and debt ratio, but without statistical evidence. Use of leasing is best explained by average fleet age and fleet size, meaning that variables related to the constitution of the fleet are better in explaining the use of leasing by low-cost carriers than performance or financial measures. |
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Leasing in low-cost carriersAircraft leasingFinancing instrumentsAirlinesLowcost carriersDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe aim of this paper is to explore the use of aircraft leasing as a financing instrument in the low-cost carriers’ sector. These airlines have been showing a huge growth in the customers’ preferences, while aircraft leasing plays a relevant role in the financing options of airlines. In this study we determined that lease future commitments represent on average 80% of other debt commitments in low-cost carriers. Furthermore, we discovered that the leasing rate in low-cost airlines (49%) is superior to the global average (39%), partly explained by the lower capital requirements that a lease offers comparing to a purchase. We found a high negative correlation between average fleet age and use of leasing. The reason is that leases allow the airlines to renew the fleet more easily and get younger aircraft (in fact, 67% of the leased aircraft are newly-manufactured, something unlikely to happen with purchases). Negative correlations were also found between use of leasing and the variables of fleet size, on-time performance, profit margin and debt ratio, but without statistical evidence. Use of leasing is best explained by average fleet age and fleet size, meaning that variables related to the constitution of the fleet are better in explaining the use of leasing by low-cost carriers than performance or financial measures.Reis, Ricardo FerreiraVeritati - Repositório Institucional da Universidade Católica PortuguesaAleixo, José Frederico Pais2014-12-12T13:37:22Z2014-02-1920142014-02-19T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/15933TID:201104113enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-10-24T01:33:33Zoai:repositorio.ucp.pt:10400.14/15933Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:13:18.426317Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Leasing in low-cost carriers |
title |
Leasing in low-cost carriers |
spellingShingle |
Leasing in low-cost carriers Aleixo, José Frederico Pais Aircraft leasing Financing instruments Airlines Lowcost carriers Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Leasing in low-cost carriers |
title_full |
Leasing in low-cost carriers |
title_fullStr |
Leasing in low-cost carriers |
title_full_unstemmed |
Leasing in low-cost carriers |
title_sort |
Leasing in low-cost carriers |
author |
Aleixo, José Frederico Pais |
author_facet |
Aleixo, José Frederico Pais |
author_role |
author |
dc.contributor.none.fl_str_mv |
Reis, Ricardo Ferreira Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Aleixo, José Frederico Pais |
dc.subject.por.fl_str_mv |
Aircraft leasing Financing instruments Airlines Lowcost carriers Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Aircraft leasing Financing instruments Airlines Lowcost carriers Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The aim of this paper is to explore the use of aircraft leasing as a financing instrument in the low-cost carriers’ sector. These airlines have been showing a huge growth in the customers’ preferences, while aircraft leasing plays a relevant role in the financing options of airlines. In this study we determined that lease future commitments represent on average 80% of other debt commitments in low-cost carriers. Furthermore, we discovered that the leasing rate in low-cost airlines (49%) is superior to the global average (39%), partly explained by the lower capital requirements that a lease offers comparing to a purchase. We found a high negative correlation between average fleet age and use of leasing. The reason is that leases allow the airlines to renew the fleet more easily and get younger aircraft (in fact, 67% of the leased aircraft are newly-manufactured, something unlikely to happen with purchases). Negative correlations were also found between use of leasing and the variables of fleet size, on-time performance, profit margin and debt ratio, but without statistical evidence. Use of leasing is best explained by average fleet age and fleet size, meaning that variables related to the constitution of the fleet are better in explaining the use of leasing by low-cost carriers than performance or financial measures. |
publishDate |
2014 |
dc.date.none.fl_str_mv |
2014-12-12T13:37:22Z 2014-02-19 2014 2014-02-19T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/15933 TID:201104113 |
url |
http://hdl.handle.net/10400.14/15933 |
identifier_str_mv |
TID:201104113 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131811115171840 |