Sødal, Sigbjørn; Koekebakker, Steen; Adland, Roar - In: Applied Economics 41 (2009) 22, pp. 2793-2807
The article uses a real options valuation model with stochastic freight rates to investigate market efficiency and the economics of switching between the dry bulk and the tanker markets in international shipping. A dry bulk carrier is replaced with a tanker when the expected net present value of...