论文信息 - Integrating the four shipping markets : a new approach

Integrating the four shipping markets : a new approach

Using the approach of modern financial economics, several questions regarding the four shipping markets are addressed. These markets are the market for new vessels, the second hand market, the scrapping market and the freight rate market. Using "no arbitrage" arguments, the four markets are integrated and equilibrium valuation of vessels is derived. Finally, questions of market efficiency and rational expectations are tested empirically, using modern econometric theory. Thesis Supervisor: Henry S. Marcus Title: Professor of Ocean Systems Management Massachusetts Institute of Technology The Four Shipping Markets: An Integrated Approach

George Dikos

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