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ABSTRACT
Investors often describe risk as the uncertainty of a business's success or failure. In order to maximize shareholders' wealth, managers must monitor risk. Given the competitive nature and volatile cost structure of the airline industry, understanding risk is important to effectively manage this business. Using time series and regression analysis, this study re-examines how the systematic (market-related) risk of a company's common stock is linked to corporate behavior and financial performance for selected airline firms. Also, this study tries to explore the argument whether airline betas drift over time.