Airline industry deregulation and changes in systematic risk

Deregulation of U.S. Airline Industry may have lowered systematic risk because pricing freedom and route flexibility improved airline management reaction to various economic conditions. Reduced systematic risk offers lower cost of equity capital for the industry as a whole as well as for individual carriers. Previous research has had mixed results in identifying a relationship between deregulation and airline industry cost of capital. This study plots airline industry Beta coefficients across the years 1963 to 1987 and clears up previously conflicting research findings. Beta coefficients had been falling since the fuel crisis of 1974 and continued to fall through 1980. Fluctuations since deregulation have been relatively minor and systematic risk has leveled off at a significantly lower value than before deregulation. Studies which concentrate on the fluctuation in Beta since 1978 are dependent on the exact time period of analysis, and their conclusions that deregulation raised or lowered systematic risk are likewise suspect. A broader view of systematic risk changes in the deregulatory era shows airline Betas peaking from 1971 to 1973 and a gradual decrease as deregulation was being discussed, implemented, and legally mandated. This gradual decline from 1974 to 1980 may be attributed to such factors as fuel prices, interest rates, general inflation as well as deregulation. In any case systematic risk of the U.S. Airline industry has been lower since deregulation than in decades before.     

Decisionmaking in the motor carrier industry

Distinct discrete decisions made by the same economic actor are likely to be correlated, particularly those decisions involved in transportation demand. These correlations may be due to economic interactions among the decisions, or to heterogeneity, or both. This paper develops an econometric method that can distinguish among these possibilities and applies this method to analyzing motor carrier deregulation. One overall goal of the Motor Carrier Act of 1980, which substantially reduced federal regulation, was to promote greater competition in the industry. Other things equal, the more competition in an industry, the less concentration. However, concentration has been increasing among general freight carriers since deregulation. The positive correlations found between the decisions to acquire broker authority and to be a general freight carrier could be due to joint economies between broker authority and general freight carriage, in which case the two interact as economic complements, or to heterogeneity among motor carrier licensees. In the first case, but not the second, deregulation of broker authority could lead to increased concentration in the general freight sector. Empirically, we find that the decisions are correlated due to heterogeneity, but do not interact. Thus, increased concentration in the general freight sector must be attributed to other causes.     

The deregulation of U.S. interstate aviation: an assessment of causes and consequences (part 2)

After forty years of economic regulation, the U.S. interstate aviation industry was ‘deregulated’ in 1978. This paper offers an assessment of the reasons for this radical change in official federal policy and an evaluation of the longer term impact of the reforms. Further, it provides a number of observations regarding the universality of the experiences of the U.S.A. in the context of the gradual liberalization of aviation regulation in general and the ‘deregulation’ of European aviation in particular.     

A canonical correlation analysis of carrier financial strategy: The case of airline deregulation

This study investigates U.S. airline managements' perception of deregulation's impact upon the industry's financial risk by analyzing the airlines' risk management behavior. Specifically, canonical correlation analysis is utilized to ascertain key asset-liability/equity interrelationships and to identify changes in airline risk management as indicated by changes in financial structure. A control sample of nonregulated firms in various service industries is used to separate the effects of general economic conditions from those of deregulation. The results indicate that the airline industry adjusted its financial structure to reduce the industry's exposure to risk as the industry became deregulated. The industry decreased its financial leverage through greater use of equity vis-à-vis debt to finance its long-term assets while simultaneously increasing its liquidity. Definitive conclusions concerning the industry's perception of financial risk after deregulation had been in place a few years are precluded by two external events which occurred in 1978—the requirement that leases be capitalized on the balance sheet and the rapid fuel price increases spurred by the Iran-Iraq war. However, the results clearly show the industry perceived greater financial risk during the early years of de facto CAB deregulation.     

货运车型标准化专项治理管理系统设计与实现

货运车型标准化是国家运输行业结构调整及货运行业提质增效发展的重要工作手段与目标。从货运车型标准化转型治理工作的功能需求出发,以正在开展的常压液体危险货物罐车治理工作为基础,本文设计并实现了基于SSM架构的货运车型标准化专项治理管理系统。危险货物道路运输企业在系统中申报罐车信息,罐车检验机构基于车辆识别代码上传罐检报告,道路运输管理机构通过对罐车信息及关键报告进行审核,给予审核结果及意见。     

Transport deregulation and the economy wide implications of the wheeler‐Gilmour hypothesis

This paper focuses on the effects of deregulation of motor carriers in Australia. It is particularly concerned with the implications of regulatory reform beyond the transport sector and uses a general equilibrium approach to examine the economy wide effects of deregulation. Among other things the paper shows that the effects of deregulation are not evenly distributed across all types of industries. Furthermore it concludes that the magnitude of the effects from deregulation in any given industry is not necessarily correlated with the share of total costs devoted to the purchase of transportation services.

     

Taxicab deregulation: Economic consequences and regulatory choices

The regulation of taxicab services is receiving an increasing amount of attention by city governments. At issue are the questions of whether local regulations should limit the supply of taxicabs and whether the regulations should control taxi fares.Recently, deregulation has become a popular suggestion; however, little empirical or theoretical evidence has existed to indicate the effects of taxi deregulations. This paper discusses these effects within a framework of eight regulatory scenarios involving different price, entry, and industry concentration factors. The analysis provides support for a public brokerage function.The preparation of this paper was supported, in part, by a contract from the Urban Mass Transportation Administration, U.S. Department of Transportation, Washington, DC.     

Competition policy and the liberalisation of European aviation

The European aviation industry is undergoing a process of liberalisation. One of the important lessons of American deregulation was that the industry is not perfectly contestable. One implication of this is that actual competition on a route is important in order to be able to secure the benefits of deregulation or liberalisation. Another is that effective competition policy is important in order to prevent anti-competitive mergers or predatory behaviour. This paper reviews the merger investigations in European aviation which have accompanied the search by carriers to secure the benefits of market power, and considers the extent of route competition within the European Community and its relationship to the different route licensing policies of different national governments. The paper considers the extent of present competition on the busiest routes, and stresses the importance of cabotage rights in opening up the European market to effective competition.     

Innovations in the regulation and operation of taxicabs

This paper reviews a number of recent innovations in the regulation and operation of taxicabs in U. S. cities. The paper discusses the growing involvement of various levels of government in public transportation programs which affect the taxicab industry, and identifies the opportunities and problems created for the industry by this increased government activity. Innovations in the types of public transportation services which can be provided by taxicabs are discussed first, followed by a review of the administrative procedures which can be employed to involve taxicab companies in publicly funded programs. Proposals for changes in the regulations governing taxicab services and prices are discussed next, with particular attention to significant regulatory changes which have been implemented in U.S. cities in recent years. Finally, innovations in the technology of taxicab operations are reviewed, including improvements to vehicles, computerized dispatching techniques, and procedures and equipment for computing fares for taxicab services.     

The impact of U.S. rail regulatory reform on railroad management and organizational structure

The management structure of U.S. railroads has been historically characterized as static and bureaucratic. Many writers have attributed this to years of restrictive government regulation. This paper tests the hypothesis that observable characteristics and organizational structure of railroad management have changed in conjunction with recent regulatory reform. Management characteristics are analyzed in both 1977 and 1983. Major findings are that managers in 1983 are significantly younger and better educated with fewer years of company and industry service. Railroad organizational structures are also reviewed before and after deregulation to assess whether management structures are becoming leaner and less mechanistic.     

Air deregulation revisited: Choice of aircraft,load factors,and marginal-cost fares for domestic air travel

If airline deregulation is working as predicted, then fares should fall to marginal costs. This paper computes such optimal fares, allowing for a wide variation in point-to-point distance, traffic, and available aircraft type. It is shown that marginal-cost fares are exceeded by average carrier costs. This implies an unpleasant dilemma: either the industry is naturally destructive (if the returns are internal to firms) or else the sustainable industry configuration is less than welfare-optimal. In the latter case, the possibility of a Pareto-improvement with a judicious form of re-regulation cannot be ruled out. In light of this, a certain amount of caution about the results of deregulation is suggested.     

基于失效模式预判的在用压力管道定检及特点分析

对常规检验法进行改进和探索,采用失效模式预判法对某化工装置配套管道进行了定期检验.根据待检管道的工艺流程与工作状况,全面分析其失效可能性,做出失效模式预判,据此确定合适的检测方法和抽样位置,制定出有针对性的检验方案.对失效模式预判法的要点、优点和难点进行了分析.定检结果表明:该方法施行虽有难度且检验工作量增大,但检验针对性强、缺陷检出率高,对于常规检验的深化与优化具有一定的现实意义.     

漏磁检测技术在管道检测中的应用及影响因素分析

阐述了漏磁检测的原理,介绍了基于漏磁原理的检测系统组成,以及在长输管道及工业管道检测中的工程应用。详细分析了漏磁检测技术的主要影响因素。指出国内漏磁检测技术领域与国外存在较大差距。国内管道内检测已进入立法阶段,相关标准的初稿已基本完成,未来漏磁检测技术将在维护管道安全生产上发挥越来越重要的作用。     

Deregulation of inter‐city coach services in Britain

Public transport in Britain has traditionally operated under conditions of regulation. The 1930 Road Traffic Act imposed controls upon the quantity and quality of transport regulations, with an abolition of the quantity controls associated with inter‐city coach services. The principal objectives of the Act were to eliminate restriction upon entry to the market and to promote competition between coach operators.

This paper is based on research which was undertaken to establish the impact of the 1980 Transport Act upon express (inter‐city) coach services in Britain. The effects of the legislation are examined in relation to the experience of various coach operators, British Rail, and the inter‐city traveller. This provides evidence of the way in which the supply of, and demand for, public transport behaves in a competitive, deregulated environment. It is shown that at least in net terms, the consumer has enjoyed short‐term benefits. Greater uncertainty surrounds the long‐term situation. The main competition has been confined to the principal trunk routes and has taken place between the state‐owned undertaking of National Express and British Rail. The outcome of deregulation for the private sector has been disappointing.

The paper identified similarities which exist between inter‐city and local public transport services. In this context, the lessons derived from express deregulation are employed to suggest likely developments in the deregulation of stage carriage (local) services in Britain.     

基于风险评估的城市埋地燃气管道检验技术

目前国内许多城市埋地燃气管道普遍存在老化、腐蚀、泄漏等问题,迫切需要对城市埋地燃气管道进行基于风险评估的检验.首先提出了管道风险评估检验的总体方案,然后详细地阐述了在管道风险评估中需对管道哪些部位进行现场检验,以及从管道失效概率和管道失效后果两方面对已完成现场检验的管道进行风险评估,最后得出基于风险评估埋地管道检验方法...     

桂林市道路货运业向现代物流发展的对策研究

文章基于桂林市道路货运市场现状,分析了当前桂林市道路货运行业发展中存在的问题,提出了加强道路货运行业管理、推进现代物流产业发展的思路与对策。     

Ship safety index

This paper develops a new quantitative safety index for each worldwide sea-going vessel based on their condition information and safety records. The safety index can generate a relative risk score using binary logistic regression method and a dataset with both static and dynamic information covering over 90% of the world sea-going merchant fleet. It has a widely potential usage for both industry and academic research, e.g., for port authorities to determine whether an on board inspection is needed; for insurers to determine premium rate; and for shipowners to identify functional areas for repair and maintenance.     

The development of urban bus regulatory policy in Korea reviewed

The urban bus industry in Korea used to be controlled to provide stable transport services and enable operators to secure proper profits, but there were adverse effects within the industry such as inadequate business management and a downward spiral of low quality services resulting from lower fares. The government began easing restrictions on entry, operation, fares, and some conditions and procedures for licensing in the late 1980s, until in 1993, the government published a package of deregulatory measures that were considerably more drastic than those previously seen, such as freely adjusting the number of vehicles within 10%, easing the restrictions and requirements for operators’ employing staff and drivers, and improving the fare system. However, these measures seem to have been introduced too late and too luke‐warmly to encourage new entrants to the industry. Therefore, to gain the desirable effects of deregulation and to secure the development of the urban bus sector, there needs to be provision of a market atmosphere and greater scope for free competition; a positive attitude among operators for efficient business management and new services; and alert observation and monitoring by passengers.     

Metropolitan railways: present characteristics and future prospects

Urban bus operation in Chile is totally deregulated. This is the only example in the world where access to the urban bus transport market is totally free, and where the government does not exercise any control over the fares. This policy has been implemented progressively since 1979. Ten years later, it is possible to draw some conclusions from the experience. To summarize these conclusions, one could say that (i) the impact of deregulation has been almost exactly the opposite of what was expected: fares have risen and the diversity of services has been reduced, (ii) the reasons for this discrepancy lie less in the action of a cartel than in the specifics of urban transport supply and (iii) there is probably more to be expected from a refined deregulation policy, taking into account these specifics, than from a drive back to the traditional regulation system.     

“一张图”交通地理空间框架建设

＂一张图＂工程是数字中国地理信息化建设的简称。文章针对交通行业地理信息系统建设中出现的重复建设、标准不统一、使用效率低下等问题,提出了建设＂一张图＂交通地理空间框架的建议,阐述了＂一张图＂交通地理空间框架服务平台的基本情况,并深入探讨了空间框架服务平台的总体设计和建设思路。