New purchasing & supply chain strategies in the maintenance, repair und overhaul industry for commercial aircraft

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Privatization in Austria: Some theoretical reasons and performance measures

The issues of privatization (and sometimes deregulation) have been reviewed in a large literature on the various aspects of privatization, that has emphasized the potential efficiency gains. Hence, we provide some theoretical reasoning why privatization is useful as well as profitable for an economy and empirically present the extent of privatization in Austria and other European Union countries. In order to assess the impact of privatization in Austria on economic performance, we observe cash flows, the employment performance, and the stock-exchange ratings of the privatized formerly state-owned enterprises.Austria; Performance Measures; Privatization; Profitability; State-owned Enterprises

Wettbewerb im Luftverkehr - Deregulierung und strategische Allianzen

Deregulation has influenced how network carriers operate. But despite extensive deregulation, as being adopted by the European Union, a certain level of regulation has remained in international traffic. The industry reacted to this situation by forming global strategic alliances. These alliances can not be assessed as anti-competitive in advance. Typical elements and their effects have to be analyzed in detail. For example code-sharing causes increasing and decreasing prices, depending on the market in focus. The actual negotiations on common rules for air traffic between the European Union and the United States of America could make way for a consolidation within the airline business, if companies will not lose their traffic rights in case of merger. (author's abstract)Series: Schriftenreihe des Instituts für Transportwirtschaft und Logistik - Verkeh

Distressed debt in Germany: What's next? Possible innovative exit strategies

During the past two years, private equity funds have acquired substantial portfolios of nonperforming loans from banks in Germany. Typically a private equity investor does not commit funds unless exit strategies are clearly defined. The usual exit strategies for distressed debt investors are fix it (restructuring and turnaround), sell it (sale of debt or equity), or shut it down (liquidation). A new alternative exit strategy for NPL investors considered here is the transfer of credit recovery risk. --Focus,diversification,specialization,monitoring,bank returns,bank risk,Non Performing Loans,Distressed debt investing,Synthetic securitization,Collateralized debt obligations,Credit risk transfer,Credit derivatives,Credit default swaps,Credit recovery swaps,Credit portfolio management,Credit portfolio risk,Credit portfolio returns,Efficiency of credit risk portfolio allocations,Learning effects

Privatisierung und Deregulierung in �sterreich in den 90er Jahren: Einige Anmerkungen aus Sicht der Neuen Politischen �konomie

Schriftliche Fassung eines Vortrages anl�sslich der Tagung zum Thema "Deregulierung und Privatisierung: Erfahrungen Problem-Potentiale" des Wirtschaftspolitischen Ausschusses des Vereins für Socialpolitik vom 27.-29.03.2001 an der Universit�t St. Gallen, St. Gallen, CH.

Development of a synergy audit model for sustainability of horizontal airline alliances

Thesis (PhD)--Stellenbosch University, 2003.ENGLISH ABSTRACT: For more than a decade there has been an economic need to mitigate the negative effects of the air transport industry's innate sensitivity to cyclical developments as well as the effects of its inherent lack of substantial profits. The past 20 years were additionally marked by a change in policy that prompted various countries to liberalise and privatise their civil passenger air transportation industry. At the same time, airlines' business ambitions became more global, tapping into markets beyond countries' or continents' main gateways. All three aspects started to change the pattern of airline competition and required new business models. Key features of airlines' novel business models are geographic expansion and thus market development. Global expansion strategies and market development activities in passenger air transportation are, however, not easily and fluidly executable. The airline industry is, to some extent, still nationally regulated, thus impeding passenger airlines from fully participating in the global market-scene and from freely entering promising geographies. Concomitantly, the competitive landscape in which scheduled passenger airlines operate changed drastically, with travel value chains occasionally undergoing revolutionary transformations on both the supply and the demand side. Finally, the air transport service reveals several peculiarities that impact its production, distribution and consummation. These characteristics have inspired the execution of novel forms of competitive strategies that are described and critically discussed in this dissertation. Within this context, a main root cause for passenger airline partnerships appears to be its continued regulation and the circumvention thereof through the horizontal joining of forces, thus emulating concentration tendencies that have long been a fixture in other globalising industries. Consequently, horizontal interairline partnerships were induced and identified as a key competitive device with which to weather the challenges of the new air transport rivalry structures, the increasingly deregulated environment, and the impediments of sustained market regulation. All major airlines are now involved in some type of horizontal collaboration. The spectrum of these linkages is wide and ranges from loose, unattached, operative agreements to long-term, far-reaching, strategic ones, the most salient forms and instruments of which are thoroughly scrutinised in this dissertation. This dissertation additionally presents the general core inducing economic drivers of carrier interrelationship, which are cost reduction, revenue generation and corporate power considerations. While these aspects offer a multitude of possible partnership forms and instruments, the bulk of airline linkages, however, is presently constituted of joint revenue generation and, consequently, jointly pursued marketing and market expansion goals. In view of these causes, the present dissertation engages in a profound discussion of the rationales behind interairline partnerships, their likely evolution and effects on management practice. Essentially, the key importance of airline partnerships in meeting basic economic imperatives on the one hand, while circumventing persistent regulation on the other, questions the sustainability of incumbent carriers' current business models. There are clear indications that a structured sequence of events in establishing interairline linkages is a key success factor for horizontal airline partnerships. However, the empirical examination of contemporary partnerships' governance structures and managerial practice strongly points to a lack of ample tools with which to establish airline partnerships, select the appropriate match between alliance goals and intensity, and govern alliances during their entire life-cycles. This drawback seems particularly unacceptable in view of the urgent requirement for more appropriate managerial practice in today's discontinuous air transport business environment, and speaks loudly of the need for a framework with which to enhance airline partnership output. Most ideally, a coherent, structured sequence of events should be followed in partnership formation, organisational set-up and management in order to bring an alliance to fruition. On this basis, the establishment of a collaboration governance organisation, adequately mirroring the specific partnership type and meeting the specific demands of all partners involved, is equally identified and described as a fundamental success driver in this dissertation. Further structural, organisational and functional issues thereafter need to be considered in order to transform the joint business venture of two horizontally allied carriers into a venture for mutual success. The most essential of these are introduced in this dissertation. Synergy plays a central role in this context. Synergy, as the overreaching intention and result of working together towards a common goal, must be anchored as a prime objective of all forms of partnership activities. Synergy through interfirm linkages can be derived from various collaborative areas and is greatly influenced by both internal and external factors. One gauge for synergy, in particular for the transformation of synergy potentials into synergy effects, is partnership intensity. The measurement of partnership intensity can be used to perpetually monitor the benefits of partnership activities. At the same time, inconsistent or uneven partnership intensity can indicate the existence of dissynergies or frailties in the alliance. The underlying theories of collaborative synergy generation, its main drivers and impediments, with particular reference to horizontal partnerships of scheduled passenger airlines, are explored in this dissertation. In recognition of the theoretical and practical background of airline partnerships and the acknowledged problems associated with their establishment and operation, the present dissertation proposes a novel model dynamically supporting the quest for synergy in airline interrelationships. Incorporating the goals of synergy generation and its continual measurement in interairline partnerships, the synergy audit is designed as a dynamic managerial tool. The synergy audit functions as a recurring device for unleashing all the positive partnership benefits of collaborative scope and width. It aids airline alliance management in transforming the desired benefits of partnership activities - synergy potentials - into real, tangible synergy effects during the entire partnership life cycle. The tool A.PIE (Airline Partnership Intensity Evaluator) supports the synergy audit and, which idiosyncratic to the airline industry, multidimensionally applies the deduced relationship of partnership intensity and synergy to the most salient partnership areas and functions. The present dissertation shapes understanding of the true drivers and complexities of today's airline partnerships. It proposes a circular, multidimensional and dynamic model, thus attempting to enhance the set-up, performance and output of horizontal airline collaboration. From this point of view it endeavours to fill the gap identified in contemporary airline partnership management and practice.AFRIKAANSE OPSOMMING: Sien asb volteks vir opsommin

Strategisches Management von Koopetition

Das in der Wirtschaftspraxis zunehmend beobachtbare Phänomen der Koopetition, welches die Kooperation zwischen zueinander zugleich im Wettbewerb stehender Unternehmen beschreibt, ist aus wissenschaftlicher Perspektive empirisch und theoretisch unzureichend erfasst. Diese Arbeit untersucht daher das strategische Management dieser auf den ersten Blick paradox erscheinenden Interorganisationsbeziehungen am fokalen Beispiel eines Unternehmens der zivilen Flugzeugtriebwerksindustrie, welches im Zuge der kollektiven Erstellung komplexer Produkte (CoPS) durch tiefgreifende Kooperationspartnerschaften eng mit seinen Konkurrenten verbunden ist. Im Mittelpunkt der Analyse steht zum einen die Frage nach den spezifischen Gründen für das Auftreten und Eingehen von Koopetitionsbeziehungen, zum anderen die konkrete Ausgestaltung strategischen Handelns unter koopetitiven Verhältnissen und die Bewältigung des wettbewerblich-kooperativen Spannungsfelds durch die involvierten Unternehmen

Addis Ababa Airport zwischen Globalisierung und Fragmentierung : Ein Hub in Raum und Zeit

Diese Forschungsarbeit untersucht den Flughafen von Äthiopiens Kapitale Addis Abeba als einen Ort, an dem verschiedenartige, teils ambivalente Entwicklungen zusammen¬treffen. Der Bole International Airport steht als Beispiel für aufstrebende Gro߬flughäfen an der Schwelle zu global wirksamen Drehkreuzen. An dieser exponierten Stelle verkörpert er verbindende und beschleunigende Kräfte, die mit seinem Betrieb einhergehen. Ebenfalls auszumachen sind jedoch auch begrenzende und verlangsamende Effekte, die partiell an die Wirkungsweise eines solchen Umschlagplatzes gekoppelt sind. Die Arbeit identifiziert eine Reihe von Faktoren auf unterschiedlichen raum-zeitlichen Ebenen, die in ihrer Summe die Bedeutung dieses Flughafens ausmachen. In seiner geographischen Lage positioniert er sich global als Vermittler asiatisch-afrikanischer Bewegungs-ströme und wird zum Einfallstor zumal für chinesische Aktivitäten in Afrika. Addis ist eine kontinentale Drehscheibe, die mit Hilfe ihres Home-Carriers Ethiopian Airlines über neue Airline-Beteiligungen und regionale Zubringer panafrikanische Konnektivität schafft. Eine starke nationale Führung verknüpft den vom Staat kontrollierten Luftfahrtsektor mit einer Entwicklungs¬strategie, die vorrangig auf den Energie- und Transportbereich setzt. Die prosperierende Metropole Addis Abeba manifestiert ihren Aufschwung mit lokalen Bau- und Verkehrsprojekten, die weit über den Flughafen hinausreichen. Basierend auf Äthiopiens langer Luftfahrttradition wird die Investition in eigene Ausbildungskapazitäten zu einem kontinuier-lichen Antrieb für den identitätsschaffenden Aviation-Sektor. Der reale Flugbetrieb schafft ein sich wiederholendes Muster von Umsteigewellen und Aktivitätsrastern, deren Wachstums-sequenzen sich überlagern. Das Tempo nimmt weiterhin zu, sowohl bei der Umsetzung der Ausbauvorhaben am Bole Airport als auch bei der Geschwindigkeit der dort angestoßenen Prozesse – wie sich am Beispiel der wachsenden Luftfrachtkapazität und der immer rascheren Exportabwicklung zeigt. Hochfliegende Visionen der Airline und Pläne für einen neuen Flughafen treiben den augenblicklichen Wachstumskurs weiter voran. Intensität und Erfolg all dieser Prozesse bringen auch Schattenseiten mit sich. Dazu gehören etwa neue Abhängigkeiten von chinesischen Investitionen, wachsende Vorbehalte und sich verhärtende Fronten im idealerweise geeinten kontinentalen Luftraum, eine einseitige nationale Wachstumsagenda mit autoritären Zügen und lokale Unstimmigkeiten angesichts zunehmend ausgeschlossener Akteursgruppen. Auch birgt die Intensität der Beschleunigung, mit der die Luftfahrtexpansion in Addis Abeba einhergeht, die Gefahr einer Überforderung von Infrastruktur, Personal und Umgebung. Es konnte aufgezeigt werden, dass der Standort ein aufschlussreiches Beispiel darstellt für aktuelle Neuorientierung innerhalb der globalen Luftfahrt¬landschaft. Flughäfen stehen im Spannungsfeld von Globalisierung und Fragmentierung. Angesichts dessen werden Geographien des Flughafens selbst gewissermaßen zu einem Umschlagplatz, an dem unterschiedliche Subdisziplinen, ihre theoretischen Blickwinkel und Methoden zusammen-finden. Die Rolle des Flughafens als Hub für multiskalare Entwicklungsprozesse und flexible Übergänge von Raum und Zeit ist in Äthiopien besonders relevant und wird aufgrund der feststellbaren Dynamiken aller Voraussicht nach weiter an Bedeutung gewinnen.This research identifies the airport of Ethiopia's capital Addis Ababa as a place, where multiple and sometimes ambivalent developments coincide. Bole International serves as an example for emerging major airports on the brink of becoming global gateways. At this point Addis Ababa Airport radiates connecting and accelerating forces. However, at the same time restricting and slowing effects go hand in hand with its operations. The study identifies a number of factors on different spatio-temporal scales that in sum represent the significance of the airport. Due to its geographical location Bole Airport is positioning itself as a global connector for Asian-African flows of movement and above all as an entrance gate for Chinese activities in Africa. Addis is a continental powerhouse which creates Pan-African connectivity by using the strength of its home carrier Ethiopian Airlines to acquire new stakes in regional airlines and feeders in Africa. A strong national leadership strategically combines the state-controlled aviation sector with a development plan, which mainly focuses on the energy and transport sector. The flourishing city of Addis manifests its boom with local construction projects and new traffic lines that go way beyond Bole Airport. Based on Ethiopia's long aviation tradition the country has continuously been investing in human capacity development creating its own identity. The day-to-day air traffic builds a repetitive pattern of connecting flights and operational activities. As the findings show, the pace of growth is still increasing – due not only to the implementation of expansion projects such as cargo facilities but also with regard to the speed of export handling. Airline visions and plans for a new airport will continue to fuel the growth path. However, the intensity and success of all these processes may in fact bring along problematic side effects. To name a few examples, there are new interdependencies on Chinese investments, growing regional reservations towards an ideally unified continental airspace, a mono directional suppressive national growth agenda, and local disagreements in the light of increasingly excluded groups of stakeholders. The intensifying acceleration of the air transport industry in Addis Ababa is leading to a serious risk of overstressing infrastructure, workforce, and environment. It could be shown, that the chosen research site gives an instructive example for new orientation within the worldwide aviation landscape. Airports must be seen in the context of globalization and fragmentation. Against this background airport geographies are becoming a sort of trading zone where different sub-disciplines, their theoretical perspectives, and methodological approaches meet. The role of the airport as a hub for multi-scalar development processes and flexible transitions of space and time is of particular relevance in Ethiopia, and, due to the observable dynamics, it will most likely gain in importance

Strategisches Management von Koopetition

Das in der Wirtschaftspraxis zunehmend beobachtbare Phänomen der Koopetition, welches die Kooperation zwischen zueinander zugleich im Wettbewerb stehender Unternehmen beschreibt, ist aus wissenschaftlicher Perspektive empirisch und theoretisch unzureichend erfasst. Diese Arbeit untersucht daher das strategische Management dieser auf den ersten Blick paradox erscheinenden Interorganisationsbeziehungen am fokalen Beispiel eines Unternehmens der zivilen Flugzeugtriebwerksindustrie, welches im Zuge der kollektiven Erstellung komplexer Produkte (CoPS) durch tiefgreifende Kooperationspartnerschaften eng mit seinen Konkurrenten verbunden ist. Im Mittelpunkt der Analyse steht zum einen die Frage nach den spezifischen Gründen für das Auftreten und Eingehen von Koopetitionsbeziehungen, zum anderen die konkrete Ausgestaltung strategischen Handelns unter koopetitiven Verhältnissen und die Bewältigung des wettbewerblich-kooperativen Spannungsfelds durch die involvierten Unternehmen