Systematic risk behavior in cyclical industries: The case of shipping

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschungbegutachtet

Authors

This study explores macroeconomic and industry-level effects on corporate systematic risk (or beta) for the international shipping industry. We document the extent to which stock market betas fluctuate over time in this asset-intensive and cyclical industry. Moreover, we analyze the fundamental determinants of systematic risk. We find evidence for high levels of systematic risk in shipping stocks, which match the fundamental risk characteristics of the industry (such as high financial and operating leverage). Shipping firms exhibit distinct industry-specific beta dynamics compared to firms from benchmark sectors or the average firm in the S&P 500 index. Changes in both economic conditions and industry-specific risk factors explain large proportions of beta variation in the cross-section of firms and over time.

OriginalspracheEnglisch
ZeitschriftTransportation Research Part E: Logistics and Transportation Review
Jahrgang88
Seiten (von - bis)129-145
Anzahl der Seiten17
ISSN1366-5545
DOIs
PublikationsstatusErschienen - 01.04.2016
Extern publiziertJa

DOI

Zuletzt angesehen

Publikationen

  1. Simulation of fatigue crack growth in residual‐stress‐afflicted specimen with a phase‐field model
  2. The importance of product lifetime labelling for purchase decisions
  3. Legal Parameters of Space Tourism
  4. How does collaborative governance evolve?
  5. Series foreword
  6. Approaching the other
  7. Introduction
  8. Erratum zu
  9. Use of Chemotaxonomy To Study the Influence of Benzalkonium Chloride on Bacterial Populations in Biodegradation Testing
  10. When status differences are illegitimate, groups' needs diverge
  11. Scotland
  12. The common European framework of reference for languages
  13. Book review of Kang-Kwong Luke/Theodossia-Souala Pavlidou: Telephone Calls. Unity and Diversity in Conversational Structure across Languages and Cultures.
  14. Reframing the possible
  15. Mapping international inspections
  16. Continous preventive diagnosis for cardiovascular diseases based on stochastic modeling
  17. Creating a Business Case for Sustainability
  18. Use of the concept of Bildung in the international science education literature, its potential, and implications for teaching and learning
  19. A Fictional Risk Narrative and Its Potential for Social Resonance: Reception of Barbara Kingsolver’s Flight Behavior in Reviews and Reading Groups
  20. Survey on English Entity Linking on Wikidata
  21. Green infrastructure connectivity analysis across spatiotemporal scales
  22. Diversity and specialization of host parasitoid interactions in an urban rural interface
  23. Publicum
  24. Exports and productivity growth
  25. Payments for ecosystem services – for efficiency and for equity?
  26. Blended learning