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The main goal of this dissertation is to provide a definitive answer regarding the benefits of a privatization on the airline industry. Two different analysis were adopted in order to infer the impact of the change of ownership on the financial and operating performance. Both the market reaction to the privatization of an airline and the treatment of accounting data provided similar results that change of ownership from State Owned Enterprises to Private Enterprises is heavily correlated with general improvements of performance from privatized companies, even in cases where the privatization program does not imply a complete and one time sell of the company.