Date of Defense



Finance and Commercial Law

First Advisor

Dr. Onur Arugaslan

Second Advisor

Dr. Willem Homan


This study aims to investigates the influence that airline management has upon its carrier's financial vulnerability; particularly its vulnerability to a significant and unexpected decrease in passenger demand. Utilizing the unexpected demand decline following the September 11, 2001 terrorist attack, I investigate the relationship between management's execution efficiency preceding the attack and the losses that immediately followed. I utilize five representative indicators, as established by Feng and Wang (2000), to analyze the execution efficiency of four major U.S. airlines over the seven quarters leading up the attack. Employing the TOPSIS analysis method1, I utilize these five representative indicators to objectively rank the airlines' execution efficiency. The results are then compared to the losses, separated from prevailing macroeconomic influences, incurred by the airlines subsequent to the attack. The produced a substantial and credible correlation between the airlines' execution efficiency ranking and their resultant losses.

Access Setting

Honors Thesis-Campus Only