Herd behavior in the drybulk market: an empirical analysis of the decision to invest in new and retire existing fleet capacity
| Autor: | Ioannis Kyriakou, Panos K. Pouliasis, Nikos C. Papapostolou |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
050210 logistics & transportation
050208 finance 05 social sciences Transportation Scrap Market states HG Microeconomics 0502 economics and business Economics Herd Herding Business and International Management Herd behavior Industrial organization Civil and Structural Engineering Valuation (finance) |
| Zdroj: | Transportation Research Part E: Logistics and Transportation Review |
| ISSN: | 1366-5545 |
| DOI: | 10.1016/j.tre.2017.05.007 |
| Popis: | We examine whether investors herd in their decision to order or scrap vessels in the drybulk market. We decompose herding into unintentional and intentional, and test for herd behavior under asymmetric effects with respect to freight market states, cycle phases, risk-return and valuation profiles, and ownership of the vessel. We detect unintentional herd behavior during down freight markets and contractions. Furthermore, we find evidence of spill-over unintentional herding effects from the newbuilding to the scrap market. Finally, asymmetric herd effects are evident between traditional and liberal philosophy towards the ownership of the vessel, and during extreme risk-return and valuation periods. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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