• norsk
    • English
  • English 
    • norsk
    • English
  • Login
View Item 
  •   Home
  • Norges Handelshøyskole
  • Department of Economics
  • Discussion papers (SAM)
  • View Item
  •   Home
  • Norges Handelshøyskole
  • Department of Economics
  • Discussion papers (SAM)
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.

Asset bubbles in shipping? : an analysis of recent history in the drybulk market

Ådland, Roar Os; Jia, Haiying; Strandenes, Siri Pettersen
Working paper
Thumbnail
View/Open
dp2006-13.pdf (58.86Kb)
URI
http://hdl.handle.net/11250/162760
Date
2006-03
Metadata
Show full item record
Collections
  • Discussion papers (SAM) [579]
Abstract
The purpose of this paper is to investigate the hypothesis that the supercycle in the

drybulk freight market between 2003 and 2005 caused asset values in the second -hand

market to deviate from underlying fundamentals. We test the instantaneous equilibrium

relationship between the actual second-hand values and those implied by the newbuilding

and freight market conditions in a Vector Error Correction Model (VECM) framework.

We also estimate and account for, for the first time, the time-varying delivery lag in the

newbuilding market. Our empirical results suggest that the second-hand market was

closely cointegrated with the fundamental freight and newbuilding market with no evidence of a short-term asset “bubble”.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2006:13

Contact Us | Send Feedback

Privacy policy
DSpace software copyright © 2002-2019  DuraSpace

Service from  Unit
 

 

Browse

ArchiveCommunities & CollectionsBy Issue DateAuthorsTitlesSubjectsDocument TypesJournalsThis CollectionBy Issue DateAuthorsTitlesSubjectsDocument TypesJournals

My Account

Login

Statistics

View Usage Statistics

Contact Us | Send Feedback

Privacy policy
DSpace software copyright © 2002-2019  DuraSpace

Service from  Unit