This paper estimates the relationship between the strength of economic shocks and temporal recovery in the world air transport industry. Our results show that world recovery of passenger demand to ...pre-COVID-19 levels is estimated to take 2.4 years (recovery by late-2022), with the most optimistic estimate being 2 years (recovery by mid-2022), and the most pessimistic estimate 6 years (recovery in 2026). Large regional differences are detected, Asia Pacific has the shortest estimated average recovery time 2.2 years, followed by North America 2.5 years and Europe 2.7 years. For air freight the results show a shorter average world recovery time of 2.2 years compared to passenger demand. At the regional level, Europe and Asia Pacific are comparable with average recovery times of 2.2 years while North America is predicted to recover faster in 1.5 years. The results show that the strength of economic shocks of various origins impacts the linear growth of passenger and freight traffic and the temporal recovery of the industry in a predictable transitory way. Hence, the impact of the COVID-19 recession will represent a temporary, although long-lasting, correction to previous growth levels.
•We estimate relationship between economic shocks and recovery in air transport.•World recovery of passenger demand to pre-COVID-19 levels is estimated to take 2.4 years.•Asia pacific has the shortest estimated average recovery time of 2.2 years.•Air freight in Europe and Asia Pacific have average recovery times of 2.2 years while North Americarecovers faster or in 1.5 years.•The recession will represent a temporary correction to previous growth levels.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
The purpose of this study is to investigate air passengers' choice of the access mode at low-cost airports, with the aim of supporting policy makers in evaluating improvements to the current ground ...access transport system. We assess the impact of the introduction of a new direct rail service on the airport's accessibility by passengers, relying on revealed preference data collected at the Milan-Bergamo airport in the period 2013–2016. We first implement a mixed logit model to examine the behavior of outgoing passengers and evaluate their sensitivity to various access time components and cost incurred. Second, based on the estimated coefficients, the introduction of direct rail services from/to Milan is assessed by means of a sensitivity analysis. Results show that low-cost airports should be aware of customers' priorities and not simply aim to deliver the solution with the lowest possible cost. The estimated value of time measures—equal to €40/h, €24/h, and €19/h for traffic, out-of-vehicle travel time, and in-vehicle travel time, respectively—reveal that low-cost airline passengers are not exclusively cost-driven when confronted with the access mode choice but do place considerable value on access time savings. This finding is corroborated by the assessment of different rail services, showing how the introduction of an airport express train has the potential to increase train usage much more (+7%) than the extension of the existing regional commuter service (+1%).
•Air passengers' access mode choice to low-cost airports is investigated by implementing a mixed logit model.•The introduction of a new direct rail service is assessed through a sensitivity analysis.•Low-cost airline passengers are not low-cost consumers when it comes to the access mode choice.•An airport express train can increase rail usage much more (+7%) than the extension of regional commuter service (+1%).•Landside planning at low cost airports should be aware of customers' priorities and consider the changing customer mix.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
► Connectivity loss caused by the closure of small airports appears small at a European scale. ► The countries most affected are Finland, Norway, Sweden, France and Spain. ► Several regions ...experience very significant increases in average travel times, up to 40%. ► The proportion of the population in these peripheral areas is not large.
The objective of this work is to evaluate the role played by small airports in European connectivity. In particular, we aim to estimate the connectivity loss for the population caused by the closure of airports with traffic of less than 1 and 2million passengers per year, which represent two thirds and three quarters, respectively, of all operating European airports. Taken together these account for 8% of European passenger traffic. We apply a methodology that involves computing the quickest travel time necessary to connect each origin municipality to any destination in Europe and to major intercontinental destinations. The travel time includes three components: (i) travel time by road and high-speed train to access the departure airport, (ii) travel time by flight from the departure airport to the destination airport, including waiting times in intermediate airports when no direct flight is available, and (iii) travel time by road and high-speed train from the destination airport to the final destination municipality. For each of the over 75,000 municipalities in Europe, we calculate the average travel time needed to reach any other municipality in two cases: (i) including all airports operating in Europe, and (ii) considering only airports offering more than 1 and 2million seats per year. The results show that, with the exception of the Scandinavian countries, the average loss of connectivity is small on a country level. However, the connectivity loss is unevenly distributed: several regions in France, Spain, and Italy experience very significant increases in average travel times, in some cases of up to 40%.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK
This article analyses the first-day return of 182 IPOs listed on the Italian Stock Exchange from 1985 to 2001. It finds a significantly mean positive underpricing (21.87%). Contrary to the evidence ...detected in the USA by Loughran and Ritter and Ljungqvist and Wilhelm, it highlights that on the main board of the Italian Exchange IPO underpricing decreased in the late 1990s. It claims that such a pattern can be accounted for by two determinants: (i) the evolution of pricing strategies, from fixed-price IPOs to bookbuilding, (ii) the segmentation of the Italian Exchange with the birth of a new board for high-growth and technology firms (Nuovo Mercato). It shows that IPOs are intentionally underpriced: both public and private information available at the IPO is only partially incorporated in pricing the shares. The results suggest that negative feedback learned during the preselling is more fully incorporated into the offer price than positive information. Finally, it shows that price revisions are partially predictable on the basis of public information at the time of the offering.
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BFBNIB, IZUM, KILJ, NUK, PILJ, SAZU, UL, UM, UPUK
In this paper we present an empirical analysis to test whether organisation configurations and management accounting systems change simultaneously. Using the original application of the fuzzy logic ...methodology, we analyse the level of development and implementation of the management accounting system and the organisational configuration on a sample of 501 Italian firms. Even though we employ a cross-sectional approach, the results may be interpreted according to the life cycle model. Our findings show that the evolution of the organisational configurations is not always coherent with the relevance assumed by management accounting systems. In particular, we find a large group of companies with a simple organisational configuration and a well-developed management accounting system. We interpret the presence of this cluster dynamically as an intermediate stage of growth towards more complex forms of organisation.
In this paper we study the efficiency of Italian airports applying a DEA model to 34 airports. We find that large airports are more efficient than domestic and regional ones, i.e. small airports have ...spare capacity since they are more distant from the frontier than large airports. The Tobit regression on the estimated DEA scores shows that efficiency is positively related with the hub premium and with privatisation. Hence we suggest that privatisation incentives to invest in large airports (close to saturation) and development plans to improve the small airports may form the benchmarks of Italian short-run air transportation policy.
In this paper we study the relationship between airport efficiency and two factors: an airport’s centrality in the EU network, and the intensity of competition from alternative airports in the same ...catchment area. We apply a two-stage econometric model based on the Simar & Wilson (2007) bootstrap procedure to a balanced sample of 57 European airports. We also design and compute our own measures of airport centrality and competition. The results show that efficiency is positively related to centrality in the European network, as measured by a weighted sum of minimal paths passing through the airport in question. The intensity of competition between airports also has a positive effect on efficiency. Our analysis suggests that air transportation policies should focus on increasing competition within important catchment areas (e.g., by investing in infrastructure facilitating access to alternative airports) and enhancing the connectivity of the EU network (e.g., by subsidizing new point-to-point connections between airports with capacity to spare).
In this paper we study the relationship between airport efficiency and two factors: an airport's centrality in the EU network, and the intensity of competition from alternative airports in the same ...catchment area. We apply a two-stage econometric model based on the Simar & Wilson (2007) bootstrap procedure to a balanced sample of 57 European airports. We also design and compute our own measures of airport centrality and competition. The results show that efficiency is positively related to centrality in the European network, as measured by a weighted sum of minimal paths passing through the airport in question. The intensity of competition between airports also has a positive effect on efficiency. Our analysis suggests that air transportation policies should focus on increasing competition within important catchment areas (e.g., by investing in infrastructure facilitating access to alternative airports) and enhancing the connectivity of the EU network (e.g., by subsidizing new point-to-point connections between airports with capacity to spare).
We propose a modeling framework composed of a Markov chain and the related coupling equations to evaluate the performance of unslotted IEEE 802.15.4 wireless sensor networks based on CSMA/CA medium ...access control. Different from the related literature, the proposed model is able to capture heterogeneous classes of nodes with class-specific traffic generation rate and includes a more refined calculation of the probability of finding the channel busy during the carrier sensing process. The proposed model is used to derive class-specific performance figures including the probability of a successful transmission and the average delay for a successful/unsuccessful transmission.
Several visual feature extraction algorithms have recently appeared in the literature, with the goal of reducing the computational complexity of state-of-the-art solutions (e.g., SIFT and SURF). ...Therefore, it is necessary to evaluate the performance of these emerging visual descriptors in terms of processing time, repeatability and matching accuracy, and whether they can obtain competitive performance in applications such as image retrieval. This paper aims to provide an up-to-date detailed, clear, and complete evaluation of local feature detector and descriptors, focusing on the methods that were designed with complexity constraints, providing a much needed reference for researchers in this field. Our results demonstrate that recent feature extraction algorithms, e.g., BRISK and ORB, have competitive performance requiring much lower complexity and can be efficiently used in low-power devices.
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