Please use this identifier to cite or link to this item: https://ktisis.cut.ac.cy/handle/10488/14670
Title: The determinants of credit spreads changes in global shipping bonds
Authors: Kavussanos, Manolis G. 
Tsouknidis, Dimitris 
Keywords: Bond spreads;Two-way clustered standard errors;Shipping finance;Shipping;Panel data;cargo;stock market;credit provision
Category: Economics and Business
Field: Social Sciences
Issue Date: 2014
Source: Transportation Research Part E: Logistics and Transportation Review Volume 70, Issue 1, October 2014, Pages 55-75
Journal: Transportation Research Part E: Logistics and Transportation Review
Abstract: 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. © 2014 Elsevier Ltd.
URI: https://ktisis.cut.ac.cy/handle/10488/14670
ISSN: 2-s2.0-84904553014
https://api.elsevier.com/content/abstract/scopus_id/84904553014
2-s2.0-84904553014
https://api.elsevier.com/content/abstract/scopus_id/84904553014
2-s2.0-84904553014
13665545
https://api.elsevier.com/content/abstract/scopus_id/84904553014
DOI: 10.1016/j.tre.2014.06.001
Rights: © 2014 Elsevier Ltd.
Type: Article
Appears in Collections:Άρθρα/Articles

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