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Titolo:
DEBT, MORAL HAZARD AND AIRLINE SAFETY - AN EMPIRICAL-EVIDENCE
Autore:
DIONNE G; GAGNE R; GAGNON F; VANASSE C;
Indirizzi:
UNIV MONTREAL,CTR RECH TRANSPORTS,CP 6128,SUCCURSALE CTR VILLE MONTREAL PQ H3C 3J7 CANADA ECOLE HAUTES ETUD COMMERCIALES MONTREAL PQ CANADA
Titolo Testata:
Journal of econometrics
fascicolo: 2, volume: 79, anno: 1997,
pagine: 379 - 402
SICI:
0304-4076(1997)79:2<379:DMHAAS>2.0.ZU;2-W
Fonte:
ISI
Lingua:
ENG
Soggetto:
MAXIMUM-LIKELIHOOD METHODS; LIMITED-LIABILITY; AIRCRAFT SAFETY; MARKET FORCES; COUNT DATA; MODELS;
Keywords:
DEBT; MORAL HAZARD; AIRLINE SAFETY; AIRLINE ACCIDENTS; COUNT DATA;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Physical, Chemical & Earth Sciences
Physical, Chemical & Earth Sciences
CompuMath Citation Index
Science Citation Index Expanded
Citazioni:
44
Recensione:
Indirizzi per estratti:
Citazione:
G. Dionne et al., "DEBT, MORAL HAZARD AND AIRLINE SAFETY - AN EMPIRICAL-EVIDENCE", Journal of econometrics, 79(2), 1997, pp. 379-402

Abstract

For many years, there has been a proliferation of theoretical articles on ex-ante moral hazard without any strong empirical measure of its effect on resource allocation. In this article, we present a detailed analysis of the relationship between the financial structure of airlines and the private safety decisions of managers. We show that an increase in the debt-equity ratio is theoretically ambiguous on safety: there is a trade-off between efficiency in investment and moral hazard. All estimated models do not reject the Poisson distribution assumption. Many financial variables are significant when explaining the distribution of accidents. More particularly, our results indicate that the moral hazard effect on safety is dominated by the investment effect for carriers in good financial conditions, while the moral hazard effect dominates for those experiencing financial difficulties.

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Documento generato il 04/07/20 alle ore 12:10:01