Airport Finance and Investment in the Global Economy

While there is a multitude of publications on corporate finance and financial management, only a few address the complexity of air transport industry finance and scant attention has been given to airport financial management. This book deals exclusively with issues related to the economics and financial management of airports. It does this with an analysis of the theoretical concepts relevant to the subject area combined with a detailed investigation of current practice within the industry. Airport Finance and Investment in the Global Economy bridges the gap between much academic research on airports published in recent years - lacking managerial relevance - and real world airport financial management. This is achieved by featuring expert analysis of economic issues specific to airport finance and funding strategies, illustrated by worked examples from a wide range of different countries to enhance understanding and create a global perspective. The book is designed to appeal to both practitioners and academics. Airport-specific topics include performance measurement and benchmarking, valuation, tools for financial controlling and management, alternatives of financing, privatization, competition and implications of economic regulation.

Dr Hans-Arthur Vogel is Professor of Aviation Management at IUBH, the International University of Applied Sciences Bad Honnef-Bonn. He has an MBA in Aviation from Embry-Riddle Aeronautical University and a PhD in Airport Economics and Finance from the University of Westminster. Before joining the University he gained over 20 years of experience in various finance positions within the Fraport Group. He has taught for several years in higher education and carried out research and consultancy in air transport. His primary research interests are the analysis of airport management, economics, privatization, regulation and valuation. He has written various conference papers about these areas and published peer-reviewed articles in international journals. He is a Member of the German Aviation Research Society, a Senior Member of the American Institute of Aeronautics and Astronautics, and a Fellow of the Royal Aeronautical Society. Dr Anne Graham is Reader in Air Transport and Tourism at the University of Westminster. Before joining the University, Anne worked in air transport consultancy. Anne has been involved in the teaching, research and consultancy of air transport for over 25 years and has developed two key research interests. First is in airport management, economics and regulation. Her latest books in this area Managing Airports: An International Perspective (fourth edition) and Airport Marketing were both published in 2013 by Routledge. Her other key research interest is the analysis of tourism and aviation demand and the relationship between the tourism and aviation industries. She was co-editor of Ashgatea€?s 2008 book Aviation and Tourism: Implications for Leisure Travel. Anne is a frequent speaker at industry conferences throughout the world and has authored a number of book chapters and articles. She is Editor-in-Chief for the Journal of Air Transport Management and is on the Editorial Board of the Journal of Airport Management and the Journal of Air Transport Studies. Dr Peter Morrell 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 in airline capital productivity from Cranfield University. He initially worked with merchant bank, Lazard Brothers, in the City, 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, when he joined Cranfielda€?s Department of Air Transport, retiring in 2011. He is a former head of the Department of Air Transport at Cranfield University, where he had a chair in air transport economics and finance. He is now an independent aviation advisor and a visiting professor at Cranfield University, the European Editor for the Journal of Air Transport Management, and on the editorial board of Tourism Economics. He is the author of Airline Finance (the fourth edition of which was published in 2012, and a Chinese edition in 2007), Moving Boxes by Air: The Economics of International Air Cargo (2011) and has written many articles for both academic and industry journals.