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.     

小鼠10号染色体上致聋突变基因hml的精确定位(英文)

目的　定位小鼠致聋基因 ,识别决定其性状的有关突变 ,为人类耳聋基因研究提供动物模型。方法　利用全基因组扫描来定位名为hml可致小鼠听力丧失突变基因。结果　①hml基因定位在小鼠 10号染色体上 ,距中心粒约4 3cM处。根据已知的鼠 人同源同线性特点 ,提示人的同源基因位于 12 q2 2 -q2 4 ;②获得了 2 5个多态性微卫星标记 ,通过高分辨的小鼠图谱将 3个已知人类基因进行了正确排列 ,并将hml侯选基因限定在一个 5 0 0kb的区域内。     

Transport and nation‐state governments: a global review

The review undertaken in this paper shows how, at the beginning of 1988, nation‐states of the world allocated ministerial responsibilities for the important function of transport. A total of 118 countries are examined, compared with 111 in 1982 (Transport Reviews, Vol. 2, No. 4) and 115 in 1985 (Transport Reviews, Vol. 5. No. 1). The analysis reveals an increase in the number of ministers solely responsible for one mode of transport, and notes an increase in the number of designated ministers for tourism. The paper goes on to examine the two main duties of ministers of transport: safety and economic regulation; and of the increasing need for closer international co‐operation as new transport technology, the growing demand for travel and expanding world trade make our world ‘an even more local village’ in the decades to come.