Airline Fuel Hedging and Management Ownership

Timo Korkeamäki, Eva Liljeblom, Markus Pfister

Research output: Contribution to journalArticleScientificpeer-review

11 Citations (Scopus)


We study whether hedging affects firm value within the U.S. airline industry. In contrast to prior work in the area, we study hedging during a time window that includes periods of very high price risk. We find a relatively weak relationship between firm value and hedging. We further find that management ownership increases the firm’s degree of hedging. Finally, we find that especially during periods when firms are more heavily exposed to fuel price risk, the market value of passive hedgers is significantly higher than that of selective hedgers.
Original languageEnglish
Peer-reviewed scientific journalThe Journal of Risk Finance
Issue number5
Pages (from-to)492-509
Number of pages17
Publication statusPublished - 12.2016
MoE publication typeA1 Journal article - refereed


  • 512 Business and Management
  • airline fuel
  • hedging
  • management ownership


Dive into the research topics of 'Airline Fuel Hedging and Management Ownership'. Together they form a unique fingerprint.

Cite this