Shipping is an industry that is highly geared towards international trade and therefore, would seem to be highly susceptible to fluctuations in macroeconomic factors. This article investigates the impact of exchange rates, interest rates and oil prices on stock returns of 143 shipping companies...

This paper examines the relationship between dividend-based and earnings-based cost of equity capital estimates under temporary competitive advantage. A new insight is that the true cost of equity is shown to approach the geometric mean of the supernormal dividend-based and simple earnings-based...

The purpose of this paper is to develop a valuation model for projects, explicitly taking into account the combined effects of taxation and the risk of obsolescence. In the modelling process it is assumed that a project's pre-tax net operating cash flows follow a geometric Brownian motion with a...