Operational hedging against adverse circumstances⋆
研究运营政策如何作为对冲工具应对严重运营中断，提出新方法评估其效果，并以9/11后航空业为例，发现运营对冲（如机队标准化、高利用率、自有飞机而非租赁、国际运营）比金融工具更能保护企业。
Abstract This paper investigates operational hedging against severe disruptions to normal operations. It offers a new method to evaluate the extent that operations policy serves as a hedge against adverse circumstances. We apply the proposed method to explore how supply chain characteristics affect the responses of airlines to the acute demand fall off after the September 11 terrorist attacks. Results indicate that operational hedging vehicles (fleet standardization, high‐fleet utilization, an aircraft ownership policy rather than leasing, and international operations) are more powerful in protecting firms than using financial instruments. The study contributes in guiding managers as to how operations policy can serve as an imperative factor in mitigating exposures to low‐end performance levels.