This paper examines a new issue in the tramp shipping industry -- mergers and acquisitions -- which has drawn firms into a competition on size, market share and total tonnage. The purpose of this paper is to investigate the behaviour of tramp shipping firms' stock returns, when they announce...

This paper examines a new issue in the tramp shipping industry – mergers and acquisitions – which has drawn firms into a competition on size, market share and total tonnage. The purpose of this paper is to investigate the behaviour of tramp shipping firms' stock returns, when they announce...