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Aircraft Valuation

Airplane Investments as an Asset Class

  • Book
  • © 2020

Overview

Authors:
  1. David Yu

    1. New York University Shanghai, Shanghai, China

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  • Provides a detailed analysis of aircraft leasing and pricing practices with an emphasis on the ever-growing Chinese aviation market

  • Combines academic and industry research with an analysis of the underlying aviation asset class return and risk profile

  • Highlights the ways in which the fields of transportation and logistics are developing in Asia

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Table of contents (7 chapters)

  1. Front Matter

    Pages i-xxxvii
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  2. Introduction

    • David Yu
    Pages 1-6

  3. Background Concepts and Definitions

    • David Yu
    Pages 7-31

  4. Global Aircraft Leasing Industry Characteristics

    • David Yu
    Pages 33-95

  5. China Aircraft Leasing Industry Characteristics

    • David Yu
    Pages 97-134

  6. Empirical Aircraft Asset Pricing

    • David Yu
    Pages 135-205

  7. Comparative Examination Between the Aircraft and Other Asset Classes

    • David Yu
    Pages 207-263

  8. Conclusion

    • David Yu
    Pages 265-271

  9. Back Matter

    Pages 273-332
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Keywords

About this book

This book is one of the first to explore aviation and aircraft leasing and its values establishing it as a standalone investable asset class within the larger real assets industry. Airplanes are a crucial but capital-intensive component of the global economy. The author, as an academic, researcher, appraiser, advisor and businessperson in the industry, bridges a gap in the existing literature with his analysis of the underlying aviation asset class return and risk profile. The book describes the characteristics, dynamics and drivers of the global, Asia and China specific aviation and leasing landscapes. Recent effects of COVID-19 on aviation and an analysis of the drivers affecting cross border mergers and acquisitions in the industry are also investigated. The book includes 20+ years of empirical aircraft valuation evidence and analysis of its characteristics establishing the aircraft and sub-segments as asset classes. In addition, characteristic comparisons to other real asset subclasses and benchmarks are examined. This book will be of interest to academics, financiers, investors, industry participants and more general aviation enthusiasts.





Reviews

​“ Professor Yu couldn’t have come to market at a more appropriate point in time with his latest publication when aircraft asset management, financing and refinancing have become the preeminent restructuring focus – and opportunity – of the aviation industry’s battle for survival and business continuity in the (post-) Covid-19 era. Professor Yu’s approach to empirical analysis is the bridging link that transforms research-backed theory into applicable guidelines for immediate deployment in today’s demanding economic situation. While deep-diving into the Chinese and wider Asian market, this book and its included studies are a new guideline for the airline and aircraft financing industry globally.” (Peter Baumgartner, FRAeS, Zurich)
“David’s thoughtful, detailed and analytical approach to a complex discipline is not only timely, given the tumultuous changes facing the aviation industry, but also will bring lasting value by inspiring students and experts alike to dig more deeply into the drivers of aircraft value. As the Asia region grows increasingly central to commercial aircraft operation and investment, a professional perspective from the heart of the region is long overdue.” (Dick Forsberg, Aviation Consultant and retired Head of Strategy at Avolon)


“This book fills a niche in the market. It not only delivers detailed information on contemporary aircraft leasing methodologies and markets but also provides a comprehensive review of the impacts on the aviation industry from the COVID-19. This is the best book for both academia and practitioners in the aircraft leasing field.” (Chris C. Hsu, Ph.D., Professor of Finance, Director of CUNY Aviation Institute, York College, The City University of New York)



Authors and Affiliations

  • New York University Shanghai, Shanghai, China

    David Yu

About the author

David Yu Ph.D., CFA is a finance professor at New York University Shanghai where he teaches and specializes in cross border investing and financing with a focus on real assets including aviation.  He is Chairman of China Aviation Valuation Advisors (CAVA) and its sister firms, Asia Aviation Valuation Advisors (AAVA), Korea Aviation Valuation Advisors (KAVA). Prof. Yu is Co-Founder of Inception Aviation Holdings, a family aviation investment and financing firm. 


Bibliographic Information

  • Book Title: Aircraft Valuation

  • Book Subtitle: Airplane Investments as an Asset Class

  • Authors: David Yu

  • DOI: https://doi.org/10.1007/978-981-15-6743-8

  • Publisher: Palgrave Macmillan Singapore

  • eBook Packages: History, History (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2020

  • Hardcover ISBN: 978-981-15-6742-1Published: 24 October 2020

  • Softcover ISBN: 978-981-15-6745-2Published: 25 October 2021

  • eBook ISBN: 978-981-15-6743-8Published: 23 October 2020

  • Edition Number: 1

  • Number of Pages: XXXVII, 332

  • Number of Illustrations: 160 b/w illustrations

  • Topics: Corporate Finance, Logistics, Engineering Economics, Organization, Logistics, Marketing

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