Effect of Credit Ratings on Airport Financing and Management

This paper analyzes the effect of airport ownership structure on management efficiency as reflected through their credit ratings. A game-theoretical model is proposed to examine the role of credit ratings in mitigating the moral hazard problem of public-owned airports. The analytical results derived...

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Main Authors: KATO, Kazusei, TEZUKA, Koichiro, LOW, Joyce M. W.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2010
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Online Access:https://ink.library.smu.edu.sg/lkcsb_research/3265
https://ink.library.smu.edu.sg/context/lkcsb_research/article/4264/viewcontent/02185.pdf
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Institution: Singapore Management University
Language: English
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spelling sg-smu-ink.lkcsb_research-42642018-07-10T04:25:58Z Effect of Credit Ratings on Airport Financing and Management KATO, Kazusei TEZUKA, Koichiro LOW, Joyce M. W. This paper analyzes the effect of airport ownership structure on management efficiency as reflected through their credit ratings. A game-theoretical model is proposed to examine the role of credit ratings in mitigating the moral hazard problem of public-owned airports. The analytical results derived from the model are then used to supplement a supporting case study. Notwithstanding the fact that the less competitive environment of a public-owned entity and its credit ratings might bring some welfare loss , this research concludes that public-owned airports have some advantages. 2010-07-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/lkcsb_research/3265 https://ink.library.smu.edu.sg/context/lkcsb_research/article/4264/viewcontent/02185.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University Airport Ownership Revenue Bond Credit Rating Incentive Contract Moral hazard Hidden Action Management Efficiency Operations and Supply Chain Management Transportation
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Airport
Ownership
Revenue Bond
Credit Rating
Incentive Contract
Moral hazard
Hidden Action
Management Efficiency
Operations and Supply Chain Management
Transportation
spellingShingle Airport
Ownership
Revenue Bond
Credit Rating
Incentive Contract
Moral hazard
Hidden Action
Management Efficiency
Operations and Supply Chain Management
Transportation
KATO, Kazusei
TEZUKA, Koichiro
LOW, Joyce M. W.
Effect of Credit Ratings on Airport Financing and Management
description This paper analyzes the effect of airport ownership structure on management efficiency as reflected through their credit ratings. A game-theoretical model is proposed to examine the role of credit ratings in mitigating the moral hazard problem of public-owned airports. The analytical results derived from the model are then used to supplement a supporting case study. Notwithstanding the fact that the less competitive environment of a public-owned entity and its credit ratings might bring some welfare loss , this research concludes that public-owned airports have some advantages.
format text
author KATO, Kazusei
TEZUKA, Koichiro
LOW, Joyce M. W.
author_facet KATO, Kazusei
TEZUKA, Koichiro
LOW, Joyce M. W.
author_sort KATO, Kazusei
title Effect of Credit Ratings on Airport Financing and Management
title_short Effect of Credit Ratings on Airport Financing and Management
title_full Effect of Credit Ratings on Airport Financing and Management
title_fullStr Effect of Credit Ratings on Airport Financing and Management
title_full_unstemmed Effect of Credit Ratings on Airport Financing and Management
title_sort effect of credit ratings on airport financing and management
publisher Institutional Knowledge at Singapore Management University
publishDate 2010
url https://ink.library.smu.edu.sg/lkcsb_research/3265
https://ink.library.smu.edu.sg/context/lkcsb_research/article/4264/viewcontent/02185.pdf
_version_ 1770571340083888128