The purpose of this paper is to investigate the impact of shipyard and shipowner heterogeneity on the price formation for individual newbuilding contracts.
The model controls for the shipbuilding market cycle, input costs, firm size, yard experience and contract-specific variables and captures the impact of yard and owner heterogeneity in fixed-effects regressions. The data sample contains contract information on 3,759 tankers, bulkers and container vessels constructed at…
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