Airline Finance

Dr Peter Morrell is a consultant and visiting professor at Cranfield University. He graduated in economics from Cambridge University and subsequently gained a Masters in air transportation from the Massachusetts Institute of Technology, where he worked on NASA sponsored research into airline forecasting and profitability. He has a doctorate from Cranfield University. Peter was employed by a merchant bank, Lazard Brothers, in the City of London, before joining the Association of European Airlines in Brussels as an economist in 1971. He worked as an air transport consultant from 1978 to 1991, initially with Alistair Tucker Associates and subsequently independently. Peter is a former head of the Department of Air Transport at the College of Aeronautics at Cranfield University, where he held a chair in air transport economics and finance, and he is the European Editor for the Journal of Air Transport Management as well as on the editorial board of Tourism Economics. He has lectured on numerous industry courses, and directs the Airline Finance course at Cranfield. Peter lectured on airline industry regulation for the Royal Aeronautical Society's annual Oxford Air Transport Course, and has taught airline management at the French L'Ecole National de l'Aviation Civil (ENAC), Donau-Universität in Austria, Chang Jung University in Taiwan, the Hong Kong Polytechnic University and the Brazilian Instituto de Aviação Civil. He has also lectured on in-house management courses for airlines which included British Airways, Virgin Atlantic, Singapore Airlines, Malaysia Airlines, South African Airways, Finnair, LOT Polish Airlines, Emirates Airlines and Cyprus Airways, and courses for other clients such as British Telecom. Peter has been involved in numerous airline and airport projects worldwide. His airline consultancy has included work for British Airways, British Midland, Qantas, LOT Polish Airlines, SAS, Air One, Royal Nepal Airlines and a number of African and Caribbean airlines. Airport projects have been as far afield as Argentina and Mongolia, and included Hannover, Berlin, Luton and Barcelona in Europe. Peter also directed a number of major studies for the European Commission. Peter is also the author of Moving Boxes by Air: The Economics of International Air Cargo (Ashgate, 2011) and has written many articles for both academic and industry journals.

Preface
1 Industry Financial Performance
2 Airline Financial Statements
3 Airline Financial Ratios
4 Airline Valuation
5 Sources of Finance
6 Equity Finance
7 Airline Privatisation
8 Airline Financial Planning and Appraisal
9 Risk Management: Foreign Currency, Fuel Prices and Interest Rates
10 Aircraft Leasing
11 Aircraft Securitisation
12 Airline Bankruptcy
13 Industry Financial Prospects