Abstract
ABSTRACT The airline industries in the United States and Europe represent fruitful research fields due to their risk of extrinsic demand upsets, namely worldwide contagions and rapid fuel cost surges, reliance on leased assets, and need for robust liquidity and solvency positions to fund an array of short and long-term needs for cash. Key liquidity metrics pre and post passage of the leasing standards were examined and compared to confirm any associations. The results supported a decrease in liquidity for the U.S. but not Europe, found statistically significant differences between the two regions, and is appended by a discussion offering various postulates for such differences as suggestions for future research. The study affirms material connotations for costs of capital and loan covenants, and sanctions additional study to determine the applicability of these findings to other industries reliant on leasing. Keywords Airlines, Leasing, Liquidity, Loan Covenants
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