We investigate how globalization is reflected in asset prices. We use shipping costs to measure firms' exposure to globalization. Firms in low shipping cost industries carry a 7 percent risk premium, suggesting that their cash-flows covary negatively with investors' marginal utility. We find...

The International Maritime Organization's initial strategy on reduction of greenhouse gas emissions from ships stipulates that the international shipping sector should assess the impacts on states prior to adoption of the mitigation measures included in the strategy. This assessment should be...

We employ a cointegration setup to explore route-specific off-equilibrium deviations related to Covid-19 that have affected clean (petroleum products) and dirty (crude oil) tanker freight rates, over and above the expected macroeconomic reactions. We find that the additional deviation caused by...