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dc.contributor.authorKavussanos, M.G.*
dc.contributor.authorTsouknidis, Dimitris A.*
dc.date.accessioned2015-04-23T09:15:30Z
dc.date.available2015-04-23T09:15:30Z
dc.date.issued2014
dc.identifier.citationKavussanos, M. G. and Tsouknidis, D. A. (2014) The determinants of credit spreads changes in global shipping bonds. Transportation Research Part E: Logistics and Transportation Review, 70 (October): 55–75.en
dc.identifier.urihttp://hdl.handle.net/10454/7166
dc.descriptionyesen_US
dc.description.abstractThis 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 clusteradjusted 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.en_US
dc.language.isoenen_US
dc.relation.isreferencedbyhttp://dx.doi.org/10.1016/j.tre.2014.06.001en_US
dc.rights© 2014 Elsevier. This is the author’s version of a work that was accepted for publication in Transportation Research Part E. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Transportation Research Part E: Logistics and Transportation Review, 70 (October): 55-75. http://dx.doi.org/10.1016/j.tre.2014.06.001en_US
dc.subjectBond spreadsen_US
dc.subjectShipping financeen_US
dc.subjectPanel dataen_US
dc.subjectTwo-way clustered standard errorsen_US
dc.subjectShippingen_US
dc.titleThe determinants of credit spreads changes in global shipping bonds.en_US
dc.status.refereedYesen_US
dc.typeArticleen_US
dc.type.versionfinal draft paperen_US
refterms.dateFOA2018-07-19T14:00:17Z


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