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Title: Optimal investment timing in the dry bulk shipping sector
Authors: Gkochari, Christiana C. 
Keywords: Boom-and-bust cycles;Dry bulk shipping;Investment strategy;Option games;Perfect competition;Time to build
Category: Economics and Business
Field: Social Sciences
Issue Date: 1-Jul-2015
Publisher: Elsevier Ltd
Source: Transportation Research Part E: Logistics and Transportation Review, 2015, Volume 79, Pages 102-109
Abstract: The aim of this paper is to illustrate, for the first time, the performance of optimal perfectly competitive investment strategies based on option games in dry bulk shipping. Using a dataset of the Capesize market development over the period January 2000-May 2013 the author derives the stochastic dynamic equilibrium in that market. Moreover, the author examines the effect of newbuildings completion delays and finds that moving from completion delays to no time-to-build reduces the trigger value. The current analysis brings about additional insights and helps explain the existence of boom-and-bust cycles in shipping.
ISSN: 13665545
Rights: © 2015 Elsevier Ltd.
Type: Article
Appears in Collections:Άρθρα/Articles

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