Please use this identifier to cite or link to this item:
Title: The determinants of credit spreads changes in global shipping bonds
Authors: Kavussanos, Manolis G. 
Tsouknidis, Dimitris 
metadata.dc.contributor.other: Τσουκνίδης, Δημήτρης
Major Field of Science: Social Sciences
Field Category: Economics and Business
Keywords: Bond spreads;Two-way clustered standard errors;Shipping finance;Shipping;Panel data;cargo;stock market;credit provision
Issue Date: Oct-2014
Source: Transportation Research Part E: Logistics and Transportation Review, 2014, vol. 70, no. 1, pp. 55-75
Volume: 70
Issue: 1
Start page: 55
End page: 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.
ISSN: 1366-5545
DOI: 10.1016/j.tre.2014.06.001
Rights: © Elsevier
Type: Article
Affiliation : Athens University of Economics and Business 
Regent's University London 
Appears in Collections:Άρθρα/Articles

CORE Recommender
Show full item record

Google ScholarTM



Items in KTISIS are protected by copyright, with all rights reserved, unless otherwise indicated.