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To view this page ensure that Adobe Flash Player version 9.0.124 or greater is installed. The appeal in using the S&P 500 as a research base for our analysis is obvious – over 1,400 busi-ness aircraft are owned or operated by these companies. The S&P 500 is viewed as a barometer of the stock market itself and the overall health of the U.S. economy. Therefore, many financial and economic studies use the S&P 500 as the baseline from which to draw comparisons and conclu-sions. Given the frame of reference afforded by this peer group, we felt it vital to include it in our analysis. DEFINITIONS For this study, NEXA has classified S&P 500 companies as “users” or “nonusers” of business aircraft. NEXA has defined a “user” as any company or its officers authorizing the use of aircraft via charter, fractional share, whole aircraft owner-ship, or any other form of ownership or operation as an aid to the conduct of its business and for the benefit of its shareholders and their enterprise. To qualify as a user or nonuser, a company must have maintained its membership in the S&P 500 throughout the 2003-2007 study period. Our primary source for fleet data, AMSTAT, provided our foundation database for companies historically owning or operating aircraft. The AMSTAT database was informally vetted by NEXA through a review of several data sources, including the cross-referencing of multiple industry databases and contacts. In this process, NEXA has made reasonable efforts to identify companies with traditional flight departments, using fractional shares as primary or supplemen-tal lift, and company officers owning aircraft or fractional shares used for busi-ness purposes. However, as companies using aircraft via charter or “jet cards” are rarely identified publicly, NEXA’s user estimates may properly be characterized as conservative. Based on a definition of the S&P 500 as of July 2007, we classified participating firms into 10 Global Industry Classification Standard (GICS) Sectors. We then evaluated each of the 10 industry sectors as to the number of users and nonusers. 中国公务机网 www.gongwuji.com 公务机翻译 www.aviation.cn 本文链接地址：BUSINESS AVIATION – AN ENTERPRISE VALUE PERSPECTIVE 2003 – 2009(20) |
