Estimating the implied risk premium of U.S.-listed shipping firms

Makrominas, Michalis

doi:10.1080/03088839.2018.1450527

Cited by 13 publications

(2 citation statements)

References 60 publications

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“…Two well‐known and useful innovations (diesel engine and gas turbine) have contributed to the development of the shipping industry at the global level (Smil, ). Within these useful and high‐profile innovations, the shipping sector has helped connect strategic industries, fast growing economies, global value chains, and diverse cultures worldwide (Ghaderi, ; Hoffmann, Wilmsmeier, & Lun, ; Howell & Bhattacharya, ; Jensen, Vatrapu, & Bjørn‐Andersen, ; Lorange & Fjeldstad, ; Makrominas, ). Other investigations also discuss and corroborate the same arguments and developments (Munim & Schramm, ; Prockl, KInra, & Kotzab, ; Seok & Seo, ).…”

Section: Maersk the Largest Shipping Firm In The Worldmentioning

confidence: 99%

Global strategy gone astray: Maersk's big box boats and the world shipping industry

Anwar

2019

Thunderbird Intl Bus Rev

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A.P. Moller-Maersk Group (A.P. Moller-Maersk AS in Danish), commonly known as Maersk, is the world's largest global shipping conglomerate from Denmark and carries a rich history and corporate heritage in the industry. The company operates large container ships which are mostly known as "big box boats" in the industry. By using interdisciplinary literature and the shipping industry's operational routes and corporate developments, this case-based research analyzes and discusses Maersk's internationalization and its global strategies. Although Maersk aggressively sought internationalization and company-specific expansion, its global strategy and international expansion areas have encountered problems because of the slowdown of the global economy, de-globalization, and the U.S.-China trade tussle. The case-based research analyzes and discusses these issues within the areas of international business and the company's global strategies and industry-specific competition. Analystsand industry observers believe that Maersk will continue to be a major shipping and logistics firm and will thrive in global markets. At the same time, the company will be impacted by the changing competition, regulatory forces, and new technologies in logistics and global shipping. This case study also provides future developments and growth prospects of Maersk and the shipping industry. K E Y W O R D Scontainerization, containers, global strategy, Maersk, shipping industry

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Section: Maersk the Largest Shipping Firm In The Worldmentioning

confidence: 99%

Global strategy gone astray: Maersk's big box boats and the world shipping industry

Anwar

2019

Thunderbird Intl Bus Rev

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“…Second, the combination of uncertain demand, the long lifespan of assets, and a lagged supply response function due to the time-to-build creates highly cyclical, asymmetric, and volatile earnings, giving the industry a reputation as a "low-return, high-risk" business (e.g., Stopford 2009). However, empirical studies do not support this and give rise to the "shipping return paradox"; the market betas are relatively low, often under unity (e.g., Makrominas 2018). Syriopoulos and Bakos (2019) find investor herding behavior in shipping and ask if herding is a reason behind volatility spillover between market segments in shipping.…”

Section: Introductionmentioning

confidence: 99%

Modelling Stock Returns and Risk Management in the Shipping Industry

Mohanty

Aadland

Westgaard

et al. 2021

JRFM

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We estimate the impact of macroeconomic risk factors on shipping stock returns, using a quantile regression (QR) model. We regress the excess return of a portfolio for the container, dry bulk, chemical/gas, oil tanker, and diversified shipping sectors on the world market portfolio excess return, volatility index, and changes in the oil price, exchange rate, and interest rate. The sensitivities of stock returns to the risk factors differ across quantiles and shipping segments and are found to be significant for the volatility index, world market portfolio return, exchange rate, and changes in long-term interest rate with variation over quantiles. This provides evidence of asymmetric and heterogeneous dependence between stock returns and certain macroeconomic risk variables. The results of the study also suggest that standard OLS regression is inadequate to uncover the risk-return relation.

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