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American airlines’ takeover of TWA: an ex-post analysis of financial market information

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  • Flouris, Triant
  • Swidler, Steve

Abstract

This paper examines the stock market's reaction to the announcement of American Airline's takeover of Trans World Airlines, and then analyzes subsequent price movement through the completion of the merger. A second part of the analysis looks at American Airline's stock performance following the events of September 11, 2001. Given the dramatic changes to the airline industry after this national tragedy, it is possible that September 11th had further implications for the economic gains of the merger. As part of this analysis, we compare American's performance to Delta Airlines, a carrier similar in scope and size.

Suggested Citation

  • Flouris, Triant & Swidler, Steve, 2004. "American airlines’ takeover of TWA: an ex-post analysis of financial market information," Journal of Air Transport Management, Elsevier, vol. 10(3), pages 173-180.
  • Handle: RePEc:eee:jaitra:v:10:y:2004:i:3:p:173-180
    DOI: 10.1016/j.jairtraman.2003.10.002
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    References listed on IDEAS

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    1. Robert Schweitzer, 1989. "How do stock returns react to special events?," Business Review, Federal Reserve Bank of Philadelphia, issue Jul, pages 17-29.
    2. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
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    Cited by:

    1. Cheng, Yung-Hsiang & Yang, Ann Shawing & Liu, Yen Hua, 2009. "Financial investment behavior tendencies of air carriers," Journal of Air Transport Management, Elsevier, vol. 15(6), pages 354-356.
    2. repec:eee:jaitra:v:64:y:2017:i:pa:p:15-20 is not listed on IDEAS
    3. Jenatabadi, Hashem Salarzadeh & Ismail, Noor Azina, 2014. "Application of structural equation modelling for estimating airline performance," Journal of Air Transport Management, Elsevier, vol. 40(C), pages 25-33.

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