“…The recent literature on the subject has taken two distinct views. One view is that the effect of September 11 was severe, widespread and immediate with airlines and tourism industry being particularly badly affected (Blake and Sinclair, 2003;Gillen and Lall, 2003;Hatty and Hollmeier, 2003). The other view is that before September 11, passenger traffic was already showing a downward trend, price wars were accelerating, and new competitors were taking business from the legacy hub-and-spoke carriers and thus the terrorist attack only exacerbated these problems (Costa et al, 2002).…”