Date of Award


Degree Type


Degree Name

Master of Science (MS)


Economics and Finance


Not specified


In this study, I compare the performance of U.S. companies that use their own aviation transportation for business purposes (users) and those that use commercial transportation (non-users). I conduct qualitative analysis by interviewing CEOs and CFOs of various companies that are both users and non-users. Interviews of CEO’s and CFO’s coupled with numerical evidence are considered to determine advantages or disadvantages of business aviation. Data from the S&P 500 is used to calculate and provide explanation of how using business aviation affects the firms value, profitability, and asset utilization. Using both CAPM and Fama-French Three Factor model, I assess the expected returns of firms who are users compared to those who are not. Findings suggest that users have a competitive edge relative to non-users. I am able to conclude that business aviation is a tool and asset in assisting firms to run more efficient and maintain better relationships with clients. Firms who utilize business aviation receive many benefits while providing value to shareholders.

Additional Files

BUSINESS AVIATION title page.docx (40 kB)

Included in

Finance Commons