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1.
    
This paper investigates whether bond, issuer, industry and macro-specific variables account for the observed variation of credit spreads’ changes of global shipping bond issues before and after the onset of the subprime financial crisis. Results show that conclusions as to the significant variables of spreads depend significantly on whether two-way cluster-adjusted standard errors are utilized, thus rendering results in the extant literature ambigious. The main determinants of global cargo-carrying companies’ shipping bond spreads are found in this paper to be: the liquidity of the bond issue, the stock market’s volatility, the bond market’s cyclicality, freight earnings and the credit rating of the bond issue.  相似文献   

2.
Following important changes in the safety regulation of tankers, the dry bulk sector is coming under the spotlight in a safety and quality perspective. Nominal freight differentiation between ‘quality’ and ‘other’ tonnage has been observed occasionally and much lip service has been paid to promoting the need for younger and safer ships. Whether or not these signals actually manifest in a market initiative for the enhancement of the standards of the world bulk carrier fleet is debatable. This paper investigates the possible existence of a two-tier spot freight market for medium and large bulk carriers of differing age. Known voyage fixtures are investigated for four representative years since the end of the 1980s, during which contrasting freight market conditions prevailed. In all but very few cases, there was no statistically significant difference between rates paid to older and younger tonnage. In those few cases where such differences were statistically significant, they never exceeded 10%.  相似文献   

3.
    
Applying econometric techniques to EU28 panel data and controlling for explanatory variables such as road types, we find that increased truck load capacity does not necessarily aggravate road traffic safety. Specifically, heavy trucks do not seem to be linked with greater numbers of traffic fatalities/accidents, medium trucks appear to be the worst performers in terms of fatalities, and light trucks seem to be the worst for accidents. In summary, our results clarify the complex relationship between truck load capacity and road safety, pointing to the existence of a negative correlation for accidents per capita and an inverse U-shaped curve for fatalities per capita.  相似文献   

4.
This paper investigates the nature of seasonality (deterministic and/or stochastic) in dry bulk freight rates, and measures and compares it across freight rates of different vessel sizes (Capesize, Panamax and Handysize), contract duration (spot, 1-year and 3-year time charters) and market conditions (peaks and troughs). Although, there is no evidence of stochastic seasonality, deterministic seasonality in freight rates is found to be varying from −18.2% to 15.3% in individual months within a year. Spot rates for larger vessels exhibit higher seasonal fluctuations compared to smaller vessels, although differences in seasonal fluctuations between sectors are eliminated as the contract duration increases. Also, for each vessel size, the seasonality declines as the contract duration rises. Asymmetries in seasonal fluctuations in freight rates over different market conditions are attributed to the high and low elasticities of supply expected under the respective market conditions. The results have implications for tactical shipping operations such as timing of dry-docking, chartering strategies and switching between freight markets.  相似文献   

5.
    
This paper examines the existence of dynamic volatility spillovers within and between the dry-bulk and tanker freight markets by employing the multivariate DCC-GARCH model and the volatility spillover index developed by Diebold and Yilmaz (2012, 2009). This methodology is invariant to ordering the variables when estimating a VAR model and allows for the disaggregation of volatility spillovers in total, directional, net and net pairwise. Results reveal the existence of large time-varying volatility spillovers across shipping freight markets, which are more intense during and after the global financial crisis.  相似文献   

6.
    
This study explores macroeconomic and industry-level effects on corporate systematic risk (or beta) for the international shipping industry. We document the extent to which stock market betas fluctuate over time in this asset-intensive and cyclical industry. Moreover, we analyze the fundamental determinants of systematic risk. We find evidence for high levels of systematic risk in shipping stocks, which match the fundamental risk characteristics of the industry (such as high financial and operating leverage). Shipping firms exhibit distinct industry-specific beta dynamics compared to firms from benchmark sectors or the average firm in the S&P 500 index. Changes in both economic conditions and industry-specific risk factors explain large proportions of beta variation in the cross-section of firms and over time.  相似文献   

7.
Air cargo demand is an important aspect of the operation and planning of private and public agencies responsible for airports. While most existing studies in this field include only geo-economic characteristics of airports and their hinterlands as explanatory variables, this study develops a gravity model of air cargo flows by trying to incorporate more factors that might influence international air cargo flows of an airport. The model is developed based on the panel data of air cargo services on scheduled routes at Taiwan Taoyuan International Airport during the years 2004-2007. The results indicate that population, air freight rate and three dummy variables, including the regional economic bloc of the “Chinese Circle”(an informal partnership between Hong Kong, Macao, Taiwan and mainland China), the Open Sky Agreements and long established colonial links, are key determinants of international air cargo flows from/to Taiwan. These results suggest a wider array of factors needs to be considered in policy.  相似文献   

8.
    
Previous studies on determinants of flight delays have been limited to the attributes of departure and arrival airports and routes and experiences in North America and Europe. This research extends the existing discussions by considering a network perspective to explore East Asian airports. A total of 4611 routes among 318 airports in the second half of 2017 are analyzed using panel data regressions. Results show that the attributes of airports and routes linked with the departure and arrival airports of a flight are the essential determinants of flight delays in East Asia. However, the congestion internalization and hubness effect of departure and arrival airports suggested in previous research are not observed in this region. The associations of slot control levels and route attributes with delays are varying between airports inside and outside China and domestic and international routes. This research supplements a new perspective to understand the determinants of flight delays in existing literature and provides a rarely observed knowledge to encourage East Asian airport operators and carriers developing management strategies for minimizing flight delays.  相似文献   

9.
    
Airport accessibility is an important criterion for airport competition. The relevance of airport accessibility and airport competition was studied in this paper based on the panel data collected from nine large airports in Jiangsu province, China from 2005 to 2014. The results showed that the cost of expense, time and fatigue for the arrival at the airport are proposed to quantify levels of fastness, economy and amenity for the passengers to arrive at airport. The airport accessibility is significantly affected by airport passenger traffic and airline frequency. The passenger traffic can be increased by 2% with 1% increase of airport accessibility based on the analysis results of the nine large airports in Jiangsu province.  相似文献   

10.
    
The objective of this study is to evaluate the determining factors influencing airline companies to operate international origin-destination (O-D) routes from different Brazilian airports. The results are based on a panel data model and support the assumption that statistically significant explanatory variables stem from gravity factors (GDP and an airport competition measure weighted by distance), hub-and-spoke variables and capacity inputs. We find that a composite variable made up by the airport capacity variables – given by the size of the terminal building and the length of runways – and its domestic connections have a positive effect on airport competitiveness. In conclusion, we find that not only well-known demand-side factors, but also supply-side variables – strategic decisions taken by airport management – matter in attracting international flights.  相似文献   

11.
    
This paper proposes a credit scoring model for the empirical assessment of default risk drivers of shipping bank loans. A unique dataset, consisting of the credit portfolio of a ship-lending bank is used to estimate a logit model with two-way clustered adjusted standard errors, ensuring robust inferences. Industry specific variables, captured through current and expected conditions in the extremely volatile global shipping freight markets, the risk appetite of borrowers–the shipowners – expressed through the chartering policy they follow – and a pricing variable, are shown for the first time to be the important factors explaining default probabilities of bank loans.  相似文献   

12.
    
This study adopts dynamic stochastic production frontier approach. Because of the impact of quasi-fixed inputs, airports cannot immediately adjust their production processes. Based on the heterogeneity of public and private airports’ operation models, this study estimates their individual production adjustment speed and their short-run and long-run technical efficiencies to compare transnational airport business performance. The results reveal the differences in the production adjustment of airport groups under different ownerships and performance. Private airports have faster production adjustment, whereas public airports have higher short-run and long-run technical efficiencies. As their primary goal, public airports should strive to increase the elasticity of production adjustment to increase the production adjustment speed, thus improving their long-run technical efficiency. On the other hand, private airports should prioritize eliminating short-run inefficiency to increase their actual output level, thereby improving their long-run technical efficiency.  相似文献   

13.
    
We study the determinants that affect the capacity of ports to attract cruise ships in Spain. The conclusion is that the likelihood of having cruise traffic is linked to ports located in populous areas and close to large airports, ports not specialized in container traffic but sharing facilities with ferries traffic and ports having a minimum depth of water. The amount of cruise traffic that a port can generate is also related to the population and the air connections, along with the tourist appeal and the facilities shared with other types of port traffic, namely roll-on roll-off and ferries.  相似文献   

14.
This paper shows how stochastic frontier panel techniques can be used by economic regulators to benchmark regulated firms against international best practice. We utilise a unique, panel dataset of European rail infrastructure managers (1996-2006). A time-varying inefficiency model, with firm-specific time paths for inefficiency, is adopted. The results were used in the 2008 regulatory review of the British infrastructure manager, Network Rail, and showed that the company faced an efficiency gap of around 40% against European best practice - in line with engineering-based evidence. More widely, the paper highlights the advantages of the inefficiency specification adopted for use in economic regulation.  相似文献   

15.
    
The role of spatial spillover associated with the infrastructure–economy relationship has received increasing attention in the literature. Surprisingly, in previous studies, the potential spatial spillover effect of transportation infrastructure on economic output in the U.S. agricultural sector has not been taken into account given the sector’s importance in the economy and dependence on transportation. The broader effects, including the direct effect and spatial spillover effect, of transportation infrastructure on agricultural output across 44 states in the United States from 1981 to 2004 are estimated in this study. A spatial Durbin panel data model that catches spatial dependence in both dependent and explanatory variables is used. The results suggest that road disbursement in a given state has positive direct effects on its own agricultural output. Also, the spillover effect of road infrastructure on agricultural output in neighboring states varies with respect to the spatial weight matrix used in the model. Moreover, our analysis shows that enhancement in road infrastructure in the states in the U.S. central region has a larger positive spillover effect on agricultural output when compared to coastal or border states.  相似文献   

16.
This paper develops an air passenger model that deals with city-pair demand generation and demand assignment in a single framework. Using publicly available and regularly collected panel data, the model captures both time series and cross-sectional variation of air travel demand. The empirical analysis finds that pattern of correlations among alternatives can be described by a three-level nested logit model. Fare, frequency, flight time, direct routing, on-time performance, income, and market distance have significantly effects on air demand. Correcting for the problem of endogenous air fares using instrumental variables yields more plausible estimates of price sensitivity and value of time.  相似文献   

17.
    
All US commercial airports are in the public sector yet not all have the same ownership type. For medium and large hub US airports we use stochastic frontier analysis to analyze the efficiency differences for alternative airport ownership types. We find that while form of ownership may matter for cost efficiency, in general its effect is relatively small. Yet type of public sector ownership does have cost efficiency implications in certain environments. Further, when heterogeneity is not controlled, the results change substantially so that type of ownership matters much more which demonstrates the importance of controlling for cross section heterogeneity.  相似文献   

18.
    
Being international and involving numerous organizations as the basic nature, maritime supply chains are exposed to various natural and man-made risks. This paper aims to develop an original quality function deployment approach to enhance maritime supply chain resilience, taking both customer requirements and maritime risks into consideration. The empirical analysis is carried out through in-depth studies of three major shipping lines and their respective major shippers. The top three resilience measures are contingency plan, monitoring and maintenance, and supply chain relationship management. The study also unveils the relatively low visibility and integration in maritime supply chains.  相似文献   

19.
    
We collect half-yearly data on nonstop flight frequencies offered by carriers on routes originating from Italian regions to European countries in the period 1998–2010. We find that, as the share of flights belonging to global alliances increases, the number of flights offered by airlines simultaneously expands, especially in the case of full-service carriers. Moreover, there is also evidence that the number of global alliances has a positive impact on flight supply.  相似文献   

20.
Airports are important drivers of economic development and thus under tremendous pressure from emerging competitors. However, few studies have analysed the operational efficiency of Asia–Pacific airports. This study therefore evaluated the operational efficiency of 21 Asia–Pacific airports between 2002 and 2011. A two-stage method was used: Data Envelopment Analysis (DEA) to assess airport efficiency, followed by the second-stage regression analysis to identify the key determinants of airport efficiency. The first-stage DEA results indicated that Adelaide, Beijing, Brisbane, Hong Kong, Melbourne, and Shenzhen are the efficient airports. The second-stage regression analysis suggested that percentage of international passengers handled by an airport, airport hinterland population size, dominant airline(s) of an airport when entering global airline strategic alliance, and an increase in GDP per capita are significant in explaining variations in airport efficiency.  相似文献   

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