2007∼2008년 글로벌금융위기를 전후한 아시아-태평양지역 항공사와 미국항공사간 주가상관성 분석
Comovements of Asia-Pacific Airlines & American Airlines: Evidence from 2007∼2008 Global Finance Crisis
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This paper examines whether there are co-movements between Asia-Pacific airlines(Korean Air, ANA, Qantas Airways, Cathay Pacific, China Southern, Thai Airways, and Singapore airlines) and U.S. airlines industry index or equity market index before and after the global financial crisis caused by defaults in the U.S. subprime mortgages. The findings show that, in the long-term, there is no common trend between Asia-Pacific airlines and U.S. airlines industry index. However, it is found that Dow Jones Industrial Average(DJIA), in some cases, has common trend with Cathay Pacific, Thai Airways, Singapore airline. In the short-term, U.S. airlines industry index or DJIA strongly affect the stock prices of Asia-Pacific airlines.
Abstract
This paper examines whether there are co-movements between Asia-Pacific airlines(Korean Air, ANA, Qantas Airways, Cathay Pacific, China Southern, Thai Airways, and Singapore airlines) and U.S. airlines industry index or equity market index before and after the global financial crisis caused by defaults in the U.S. subprime mortgages. The findings show that, in the long-term, there is no common trend between Asia-Pacific airlines and U.S. airlines industry index. However, it is found that Dow Jones Industrial Average(DJIA), in some cases, has common trend with Cathay Pacific, Thai Airways, Singapore airline. In the short-term, U.S. airlines industry index or DJIA strongly affect the stock prices of Asia-Pacific airlines.
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