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Changes in shipping freight rates predict stock market returns. In today's global world, where economies are linked … through international trade, shipping freight rates carry information about economic activity which is reflected in stock … shipping freight rate changes significantly predict negative excess returns. Consistent with the delayed reaction hypothesis …
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We explore, for the first time in the literature, how the revenues of ship management companies respond to macroeconomic exogenous shocks. Using data for ship-management companies in Cyprus, we find evidence that a demand shock has the largest impact on revenues, exhibiting an almost one-for-one...
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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...
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