This paper estimates time-varying and constant hedge ratios, and investigates their performance in reducing freight rate risk in routes 1 and 1A of the Baltic Freight Index. Time-varying hedge ratios are generated by a bivariate error correction model with a GARCH error structure. We also...

This book undertakes industry analysis of the risk-return behaviour of stock returns in the US. It focuses on transportation and a number of non-transportation companies, with particular attention paid to water transportation. The market risk (measured by beta) is identified as the relevant...

The aim of this paper is to apply a multifactor model to analyse the determinants of the risk-return relationship of US listed water transportation stocks and thereafter compare them with the corresponding determinants of other transport industries such as air transportation, rail transportation...

The aim of this paper is to estimate an empirical model of bilateral dry-cargo seaborne import flows in the international economy. Seaborne trade elasticities are estimated for the first time, utilizing the Constant Ratio of Elasticities of Substitution Homogeneous/Homothetic (CRESH) function, a...