Vitaly Guzhva - Academia.edu (original) (raw)
Papers by Vitaly Guzhva
Journal of Air Transport Management
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Abstract The main focus of this chapter is to provide an overview of how an airline or lessor sel... more Abstract The main focus of this chapter is to provide an overview of how an airline or lessor selects an aircraft for their fleet and how a manufacturer decides what aircraft to produce. Each of these industries are extremely capital intensive and have different goals and success measures. This creates a dynamic and competitive market where aircraft selection decisions have the potential to either propel or bankrupt a firm. Understanding the wants and needs of airlines, lessors, and manufactures will lead to a greater understanding of effective aircraft selection decision-making.
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Journal of Air Transport Management, 2022
Civilian helicopter crews are increasingly required to perform a wide variety of missions, such a... more Civilian helicopter crews are increasingly required to perform a wide variety of missions, such as search and rescue, HEMS, and air policing, in complex, unpredictable, and demanding environments, involving other agencies and other surface and air platforms. Live training for the situations and emergencies they face is constrained by a number of factors, but flight simulation increasingly provides the capability to train for such conditions, and to integrate front and rear crew training into a genuine team training regime. --From publisher\u27s websit
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Journal of Airport Management, 2008
This survey-based study investigates the current financial environment of US general aviation air... more This survey-based study investigates the current financial environment of US general aviation airports. Due to a dearth of data and research on the financial performance of general aviation airports, the paper provides vital information regarding the critical needs and major revenue sources of such airports.The findings suggest that general aviation airports can be self-sustaining regardless of their location, runway length and other airport-specific characteristics.The attitudes of the airport manager towards the importance of financial self-sustainability, positive relationships with local communities, and utilisation of non-traditional and non-aviation revenue sources are found to be critical for the financial health of general aviation airports. In addition, the research provides estimates of the funding needs of US general aviation airports and evidence of the cumulative demand for T-hangars on a national basis.
This dissertation is a comprehensive study of convertible-preferred-stock pricing and performance... more This dissertation is a comprehensive study of convertible-preferred-stock pricing and performance following issuance. It is the first major academic study that identifies significant abnormal performance of corporate contingent claims following issuance. The research utilizes both option-based contingent claims valuation models and econometric techniques to investigate the sources of superior investment performance of convertible securities as an asset class that has persisted for the past thirty years. Two main issues are examined: potential underpricing of convertible preferred stocks at issuance and their subsequent investment performance. Underpricing is examined based on a robust contingent-claims valuation model. Using two samples of convertible preferred stock offerings (24 issues, 12,051 observations and 69 issues, 28,831 observations respectively), the study provides evidence of statistically and economically significant underpricing at issuance that ranges from 2.9% to 1.4% and persists from the first day of convertible trading up to six months following issuance. Underpricing is invariant to convertible ratings and the exchange where the issues are traded. It is found, however, that, large and mid cap issues are more likely to be underpriced than small cap convertibles. Also, the offerings that are underwritten by non-reputable investment bankers are more likely to be underpriced than those underwritten by reputable investment bankers. iv Abnormal performance based on econometric techniques affirms underpricing at issuance. Statistically significant holding-period excess returns of convertibles over their underlying common stock returns range from 0.81% for the first week to 2.04% for the first five months following issuance. Excess returns are invariant to security ratings, exchange listing, firm size, underwriter reputation and the size of the issue. Further, panel data analysis of daily returns suggests excess returns of 1.1 percent (1.8 percent) for the first week (month) following issuance. Excess returns can be explained by increased sensitivity of convertible returns to the returns of their underlying common stocks in the first six months following issuance. Crosssectional variations of this increased sensitivity indicates investment-grade issues, listed on NYSE/AMEX, by large firms, using reputable underwriters and for large issues are more sensitive to the underlying common stock in the first six month following issuance than securities with opposing characteristics. Underpricing at issuance is also indicated by investment models favored by convertible trading desks: about one dollar on an average price of thirty five during the first week following issuance with underpricing persisting up to 6 months following issuance. The excess returns cannot be attributed to liquidity, high betas of underlying stock or excess volatility of convertibles following issuance. Conversely, volatility analysis indicates riskadjusted excess returns are likely to be higher than reported. v ACKNOWLEDGMENTS This dissertation is the product of many years of intellectual development and hard work. While it is impossible to list everybody, who contributed to this development, I am especially grateful to my teachers, colleagues, friends and family members that I mention below. No one writes a dissertation without the support and encouragement of committee members. I would like to thank my committee for their comments and suggestions and acknowledge their contributions to this dissertation. Most directly, I would like to extend my thanks and appreciation to Dr. Pradipkumar Ramanlal, my advisor and committee chair, who introduced me to the fascinating world of convertible securities and provided me with the expert guidance and support from the very beginning to the completion of this research. I also would like to thank the faculty of UCF Finance Department, whose assistance and enthusiasm about finance profession made my work on this dissertation enjoyable and fulfilling. I would like to express my appreciation of Dick Emerson, Dan A. Waller II, I. Edward Legendre III, and Kevin S. Ryan of Merrill Lynch for their tremendous assistance in obtaining data for this study. Without their support I would still be working on data collection. I also extend my thanks to Dr. Notis Pagiavlas, my business research methods professor at ERAU and personal friend, who taught me how to collect data and conduct research on the most efficient way. As an MBA student and his research assistant I participated in numerous business projects and it was Notis, who introduced me to the idea to pursue Ph.D. in Business. vi Finally, I would like to thank my family, who were extremely supportive during my studies: my parents, who provided me with lifelong example that hard work makes anything happen, my wife Katia and our children, Lidia and Alex, who have been my greatest source of inspiration. vii
Journal of Air Transport Management
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Abstract The main focus of this chapter is to provide an overview of how an airline or lessor sel... more Abstract The main focus of this chapter is to provide an overview of how an airline or lessor selects an aircraft for their fleet and how a manufacturer decides what aircraft to produce. Each of these industries are extremely capital intensive and have different goals and success measures. This creates a dynamic and competitive market where aircraft selection decisions have the potential to either propel or bankrupt a firm. Understanding the wants and needs of airlines, lessors, and manufactures will lead to a greater understanding of effective aircraft selection decision-making.
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Journal of Air Transport Management, 2022
Civilian helicopter crews are increasingly required to perform a wide variety of missions, such a... more Civilian helicopter crews are increasingly required to perform a wide variety of missions, such as search and rescue, HEMS, and air policing, in complex, unpredictable, and demanding environments, involving other agencies and other surface and air platforms. Live training for the situations and emergencies they face is constrained by a number of factors, but flight simulation increasingly provides the capability to train for such conditions, and to integrate front and rear crew training into a genuine team training regime. --From publisher\u27s websit
Aircraft Leasing and Financing, 2019
Aircraft Leasing and Financing, 2019
Journal of Airport Management, 2008
This survey-based study investigates the current financial environment of US general aviation air... more This survey-based study investigates the current financial environment of US general aviation airports. Due to a dearth of data and research on the financial performance of general aviation airports, the paper provides vital information regarding the critical needs and major revenue sources of such airports.The findings suggest that general aviation airports can be self-sustaining regardless of their location, runway length and other airport-specific characteristics.The attitudes of the airport manager towards the importance of financial self-sustainability, positive relationships with local communities, and utilisation of non-traditional and non-aviation revenue sources are found to be critical for the financial health of general aviation airports. In addition, the research provides estimates of the funding needs of US general aviation airports and evidence of the cumulative demand for T-hangars on a national basis.
This dissertation is a comprehensive study of convertible-preferred-stock pricing and performance... more This dissertation is a comprehensive study of convertible-preferred-stock pricing and performance following issuance. It is the first major academic study that identifies significant abnormal performance of corporate contingent claims following issuance. The research utilizes both option-based contingent claims valuation models and econometric techniques to investigate the sources of superior investment performance of convertible securities as an asset class that has persisted for the past thirty years. Two main issues are examined: potential underpricing of convertible preferred stocks at issuance and their subsequent investment performance. Underpricing is examined based on a robust contingent-claims valuation model. Using two samples of convertible preferred stock offerings (24 issues, 12,051 observations and 69 issues, 28,831 observations respectively), the study provides evidence of statistically and economically significant underpricing at issuance that ranges from 2.9% to 1.4% and persists from the first day of convertible trading up to six months following issuance. Underpricing is invariant to convertible ratings and the exchange where the issues are traded. It is found, however, that, large and mid cap issues are more likely to be underpriced than small cap convertibles. Also, the offerings that are underwritten by non-reputable investment bankers are more likely to be underpriced than those underwritten by reputable investment bankers. iv Abnormal performance based on econometric techniques affirms underpricing at issuance. Statistically significant holding-period excess returns of convertibles over their underlying common stock returns range from 0.81% for the first week to 2.04% for the first five months following issuance. Excess returns are invariant to security ratings, exchange listing, firm size, underwriter reputation and the size of the issue. Further, panel data analysis of daily returns suggests excess returns of 1.1 percent (1.8 percent) for the first week (month) following issuance. Excess returns can be explained by increased sensitivity of convertible returns to the returns of their underlying common stocks in the first six months following issuance. Crosssectional variations of this increased sensitivity indicates investment-grade issues, listed on NYSE/AMEX, by large firms, using reputable underwriters and for large issues are more sensitive to the underlying common stock in the first six month following issuance than securities with opposing characteristics. Underpricing at issuance is also indicated by investment models favored by convertible trading desks: about one dollar on an average price of thirty five during the first week following issuance with underpricing persisting up to 6 months following issuance. The excess returns cannot be attributed to liquidity, high betas of underlying stock or excess volatility of convertibles following issuance. Conversely, volatility analysis indicates riskadjusted excess returns are likely to be higher than reported. v ACKNOWLEDGMENTS This dissertation is the product of many years of intellectual development and hard work. While it is impossible to list everybody, who contributed to this development, I am especially grateful to my teachers, colleagues, friends and family members that I mention below. No one writes a dissertation without the support and encouragement of committee members. I would like to thank my committee for their comments and suggestions and acknowledge their contributions to this dissertation. Most directly, I would like to extend my thanks and appreciation to Dr. Pradipkumar Ramanlal, my advisor and committee chair, who introduced me to the fascinating world of convertible securities and provided me with the expert guidance and support from the very beginning to the completion of this research. I also would like to thank the faculty of UCF Finance Department, whose assistance and enthusiasm about finance profession made my work on this dissertation enjoyable and fulfilling. I would like to express my appreciation of Dick Emerson, Dan A. Waller II, I. Edward Legendre III, and Kevin S. Ryan of Merrill Lynch for their tremendous assistance in obtaining data for this study. Without their support I would still be working on data collection. I also extend my thanks to Dr. Notis Pagiavlas, my business research methods professor at ERAU and personal friend, who taught me how to collect data and conduct research on the most efficient way. As an MBA student and his research assistant I participated in numerous business projects and it was Notis, who introduced me to the idea to pursue Ph.D. in Business. vi Finally, I would like to thank my family, who were extremely supportive during my studies: my parents, who provided me with lifelong example that hard work makes anything happen, my wife Katia and our children, Lidia and Alex, who have been my greatest source of inspiration. vii