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Author: Costas Th Grammenos
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper uses a binary logit model to predict the probability of default for high yield bonds issued by shipping companies. Our results suggest that two liquidity ratios, the gearing ratio, the amount raised over total assets ratio, and an industry specific variable are the best estimates for predicting default at the time of issuance. In-and-out-of-sample tests further indicate the predictive ability and robustness of our model. The results are of interest to institutional and individual investors as they can identify which factors to look at when making investment decisions, and which issues have a high likelihood to default; shipowners can also benefit by identifying the factors they need to focus on, in order to offer an issue that does not have a high probability of default.
Author: Costas Th Grammenos
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper uses a binary logit model to predict the probability of default for high yield bonds issued by shipping companies. Our results suggest that two liquidity ratios, the gearing ratio, the amount raised over total assets ratio, and an industry specific variable are the best estimates for predicting default at the time of issuance. In-and-out-of-sample tests further indicate the predictive ability and robustness of our model. The results are of interest to institutional and individual investors as they can identify which factors to look at when making investment decisions, and which issues have a high likelihood to default; shipowners can also benefit by identifying the factors they need to focus on, in order to offer an issue that does not have a high probability of default.
Author: Costas Grammenos
Publisher: Taylor & Francis
ISBN: 1135134138
Category : Law
Languages : en
Pages : 1184
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Book Description
This book is the founding title in the Grammenos Library. The diversity of the subjects covered is unique and the results of research developed over many years are not only comprehensive, but also have important implications on real life issues in maritime business. The new edition covers a vast number of topics, including: • Shipping Economics and Maritime Nexus • International Seaborne Trade • Economics of Shipping Market and Shipping Cycles • Economics of Shipping Sectors • Issues in Liner Shipping • Economics of Maritime Safety and Seafaring Labour Market • National and International Shipping Policies • Aspects of Shipping Management and Operations• Shipping Investment and Finance • Port Economics and Management • Aspects of International Logistics
Author: Thomas Moeller
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We study the default behavior of original issue high-yield bonds to answer the open question of how the probability of default changes over time. We use a flexible econometric method, the Cox proportional hazard, to model the default behavior of junk bonds over their life. The method allows us to include the impact of issue and issuer characteristics on the probability of and the time to default in the estimation. Using a large comprehensive sample, we find that the bonds face a constantly increasing default risk over time, with the most significant increase beyond four years after issuance.
Author: Photis M. Panayides
Publisher: Routledge
ISBN: 1317207041
Category : Business & Economics
Languages : en
Pages : 374
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Book Description
This handbook provides a wide-ranging, coherent, and systematic analysis of maritime management, policy, and strategy development. It undertakes a comprehensive examination of the fields of management and policy-making in shipping by bringing together chapters on key topics of seminal scientific and practical importance. Within 21 original chapters, authoritative experts describe and analyze concepts at the cutting edge of knowledge in shipping. Themes include maritime management and policy, ship finance, port and maritime economics, and maritime logistics. A study examines the determinants of ship management fees. Aspects of corporate governance in the shipping industry are reviewed and there is a critical review of the ship investment literature. Other topics featured include the organization and management of tanker and dry bulk shipping companies, environmental management in shipping with reference to energy-efficient ship operation, a study of the BIMCO Shipping KPI standard, utilizing the Bunker Adjustment Factor as a strategic decision-making instrument, and slow steaming in the maritime industry. All chapters are written to provide implications for further advancement in professional practice and research. The Routledge Handbook of Maritime Management will be of great interest to relevant students, researchers, academics, and professionals alike. It provides abundant opportunities to guide further research in the areas covered but will also initiate and inspire effective maritime management.
Author: A. Alizadeh
Publisher: Springer
ISBN: 0230235808
Category : Business & Economics
Languages : en
Pages : 528
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Book Description
A comprehensive book on shipping derivatives and risk management which covers the theoretical and practical aspects of financial risk in shipping. The book provides a thorough overview of the practice of risk management in shipping with the use of theoretical examples and real-life applications.
Author: Cynthia G. McDonald
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper investigates the default behavior of original issue rated non-convertible high-yield bonds. Previous studies of high-yield bond defaults provide evidence of an aging effect: the longer bonds have been outstanding, the greater the default probability. However, Blume, Keim and Patel (1991) assert that this aging relationship reflects changing economic conditions. This study of bond defaults discriminates between the aging effect and the impact of macroeconomic changes. A hazard model is used to simultaneously estimate the impact of bond age, firm-specific and issue-specific characteristics, and changing economic conditions. The specification models the impact of time since issuance semi-parametrically, corrects for unobserved heterogeneity and allows for the possibility that outstanding bonds may default in the future. Our findings, based on a sample of 579 individual high-yield bonds issued between 1977 and 1989, suggest that, after controlling for annual changes in economic conditions, default rates increase with age. Bond characteristics at the time of issuance also impact the default behavior: BB rated bonds tend to have significantly lower default rates compared to CCC rated bonds; bonds with higher coupon rates have significantly higher default rates. In addition, high-yield bonds issued prior to 1980 experienced significantly lower default rates.
Author: Wayne K. Talley
Publisher: John Wiley & Sons
ISBN: 1444345648
Category : Business & Economics
Languages : en
Pages : 766
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Book Description
Maritime Economics The Blackwell Companion to Maritime Economics presents a comprehensive and in-depth coverage of shipping and port economics. Featuring contributions from the most respected international specialists in the field, this reference offers up-to-date insights into maritime carriers and their markets (e.g., freight, intermodal and passenger), shipping economics (e.g., dry bulk, liquid bulk, container, regulation, taxation, seafaring, safety and piracy), ship economics (e.g., equity, bond and hedging ship finance) and port economics (e.g., governance, labor, competition, efficiency, choice, investment, clusters, inspection and security). In addition to providing a comprehensive survey of the literature on past and current practices on a wide range of maritime topics, new empirical research on safety and piracy in shipping, ship finance, and container terminal efficiency is presented as well as original theories for maritime carriers and ports that provide greater insights into their operations. With its unprecedented breadth of coverage and range of scholarship, The Blackwell Companion to Maritime Economics represents the new standard resource for any and all topics related to maritime economics.
Author: Manolis G. Kavussanos
Publisher: Taylor & Francis
ISBN: 1000368963
Category : Transportation
Languages : en
Pages : 555
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Book Description
This advanced practical textbook deals with the issue of risk analysis, measurement and management in the shipping industry. It identifies and analyses the sources of risk in the shipping business and explores in detail the “traditional” and “modern” strategies for risk management at both the investment and operational levels of the business. The special features and characteristics of all available freight derivative products are compared and contrasted between them. Practical applications of derivatives are showcased through realistic practical examples, while a number of concepts across the contents of this book appear for the first time in the literature. The book also serves as “the reference” point for researchers in the area, helping them to enhance their knowledge of risk management and derivatives in the shipping industry, but also to students at both undergraduate and postgraduate levels. Finally, it provides a comprehensive manual for practitioners wishing to engage in the financial risk management of maritime business. This second edition has been fully updated in order to incorporate the numerous developments in the industry since its first edition in 2006. New chapters have been introduced on topics such as Market Risk Measurement, Credit Risk and Credit Derivatives, and Statistical Methods to Quantify Risk. Furthermore, the second edition of this book builds upon the successful first edition which has been extensively (i) taught in a number of Universities around the world and (ii) used by professionals in the industry. Shipowners, professionals in the shipping industry, risk management officers, credit officers, traders, investors, students and researchers will find the book indispensable in order to understand how risk management and hedging tools can make the difference for companies to remain competitive and stay ahead of the rest.
Author:
Publisher:
ISBN:
Category : Shipping
Languages : en
Pages : 338
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Book Description
Author: Martin Fridson
Publisher:
ISBN: 9780692463239
Category :
Languages : en
Pages :
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Book Description
