Pub Date : 2022-04-07DOI: 10.1080/03088839.2022.2059718
Y. Xi, Shenping Hu, Zaili Yang, S. Fu, Jinxian Weng
ABSTRACT Unsafe acts of ship officers have been a direct cause of many maritime accidents. In the maritime industry, much effort has been made to prevent unsafe acts and to improve safe behaviours of ship officers. The positive effect of organizational safety climate on human behaviour has been well documented in the literature. Within this context, this paper aims to pioneer the development of the measurement constructs of safety climate in shipping operations and analyze its impact on safety consciousness and behaviour of ship officers. Using primary data collected from 284 deck officers and captains, an exploratory and confirmatory factor analysis and a structural equation model are used to reveal the relationship among the constructs of safety climate, safety consciousness and safety behaviour. The research results show that (1) safety climate generates a direct positive effect on safety consciousness and behaviour; (2) safety consciousness has a positive effect on safety behaviour; and (3) safety consciousness acts as a mediator between safety climate and safety behaviour. Its managerial implications and practical contributions lie in the provision of useful insights on how ship managers can effectively gain the improved safety behaviours of ship officers by appropriate introduction of safety climate and consciousness.
{"title":"Analysis of safety climate effect on individual safety consciousness creation and safety behaviour improvement in shipping operations","authors":"Y. Xi, Shenping Hu, Zaili Yang, S. Fu, Jinxian Weng","doi":"10.1080/03088839.2022.2059718","DOIUrl":"https://doi.org/10.1080/03088839.2022.2059718","url":null,"abstract":"ABSTRACT Unsafe acts of ship officers have been a direct cause of many maritime accidents. In the maritime industry, much effort has been made to prevent unsafe acts and to improve safe behaviours of ship officers. The positive effect of organizational safety climate on human behaviour has been well documented in the literature. Within this context, this paper aims to pioneer the development of the measurement constructs of safety climate in shipping operations and analyze its impact on safety consciousness and behaviour of ship officers. Using primary data collected from 284 deck officers and captains, an exploratory and confirmatory factor analysis and a structural equation model are used to reveal the relationship among the constructs of safety climate, safety consciousness and safety behaviour. The research results show that (1) safety climate generates a direct positive effect on safety consciousness and behaviour; (2) safety consciousness has a positive effect on safety behaviour; and (3) safety consciousness acts as a mediator between safety climate and safety behaviour. Its managerial implications and practical contributions lie in the provision of useful insights on how ship managers can effectively gain the improved safety behaviours of ship officers by appropriate introduction of safety climate and consciousness.","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45883434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-05DOI: 10.1080/03088839.2022.2061059
R. Panahi, Mawuli Afenyo, A. Ng
ABSTRACT The growth of Arctic shipping requires effective tools to assess the appropriateness of existing practices on safety and resilience levels, especially in the enforcement of the Polar Code. Understanding such, in this study, we develop a resilience index using the Fuzzy Analytical Hierarchy Process (FAHP). Data collection for the index’s implementation started during a research voyage along the Northwest Passage in Canada. It resulted in 61 valid responses, upon which the relative importance and the level of satisfaction of resilience builders were investigated. The findings indicate that factors that rank high on importance are, in many cases, not that high on satisfaction. This presents dilemmas regarding the effectiveness of the current practices in promoting safe and resilient Arctic shipping management practices. This study fills an important gap in the monitoring of safety and resilience practices in Arctic shipping. In turn, this affects the future actions and research of researchers, stakeholders, and right-holders in the Arctic area.
{"title":"Developing a resilience index for safer and more resilient arctic shipping","authors":"R. Panahi, Mawuli Afenyo, A. Ng","doi":"10.1080/03088839.2022.2061059","DOIUrl":"https://doi.org/10.1080/03088839.2022.2061059","url":null,"abstract":"ABSTRACT The growth of Arctic shipping requires effective tools to assess the appropriateness of existing practices on safety and resilience levels, especially in the enforcement of the Polar Code. Understanding such, in this study, we develop a resilience index using the Fuzzy Analytical Hierarchy Process (FAHP). Data collection for the index’s implementation started during a research voyage along the Northwest Passage in Canada. It resulted in 61 valid responses, upon which the relative importance and the level of satisfaction of resilience builders were investigated. The findings indicate that factors that rank high on importance are, in many cases, not that high on satisfaction. This presents dilemmas regarding the effectiveness of the current practices in promoting safe and resilient Arctic shipping management practices. This study fills an important gap in the monitoring of safety and resilience practices in Arctic shipping. In turn, this affects the future actions and research of researchers, stakeholders, and right-holders in the Arctic area.","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41405103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-03DOI: 10.1080/03088839.2021.1980237
M. Luo, Ling Zhu, Dong Yang
by auxiliary engines or over a than days. also found that effect on that for Their study offers a reliable tool for to and to Their model can be to to of used
通过辅助发动机或超过几天。他们的研究为他们的模型提供了一个可靠的工具
{"title":"Special Issue on ‘Environment and Sustainability’","authors":"M. Luo, Ling Zhu, Dong Yang","doi":"10.1080/03088839.2021.1980237","DOIUrl":"https://doi.org/10.1080/03088839.2021.1980237","url":null,"abstract":"by auxiliary engines or over a than days. also found that effect on that for Their study offers a reliable tool for to and to Their model can be to to of used","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41975144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-29DOI: 10.1080/03088839.2022.2057610
Y. Sugimura, Hisayuki Wakashima, Zirui Liang, R. Shibasaki
ABSTRACT As a result of the port reforms in Japan, the Japanese government has intensively invested in physical infrastructure to maintain the trunk routes at selected and legally repositioned first rank strategic international ports under the Strategic International Container Port Policy. However, although central international ports, which are legally ranked second, have important roles to play in trade with Asia, it is difficult to expand the functions of these ports further without the development of strategic measures, given the government policies and accompanying budget constraints. This paper describes an examination of the feasibility of logistics strategies for a second-rank port to become a hub for Asia in Japan consistent with the current policy by using the global logistics intermodal network simulation, considering Hakata Port as a case study. The results show that Hakata Port has the potential to collect cargo from ports on the Japan Sea side and to launch shuttle services to Southeast Asia. The simulation results also suggest that cooperation with Kitakyushu Port, which is geographically close, is desirable. Approaches based on the characteristics of port governance in Japan are also presented.
{"title":"Logistics strategy simulation of second-ranked ports on the basis of Japan’s port reforms: a case study of Hakata Port","authors":"Y. Sugimura, Hisayuki Wakashima, Zirui Liang, R. Shibasaki","doi":"10.1080/03088839.2022.2057610","DOIUrl":"https://doi.org/10.1080/03088839.2022.2057610","url":null,"abstract":"ABSTRACT As a result of the port reforms in Japan, the Japanese government has intensively invested in physical infrastructure to maintain the trunk routes at selected and legally repositioned first rank strategic international ports under the Strategic International Container Port Policy. However, although central international ports, which are legally ranked second, have important roles to play in trade with Asia, it is difficult to expand the functions of these ports further without the development of strategic measures, given the government policies and accompanying budget constraints. This paper describes an examination of the feasibility of logistics strategies for a second-rank port to become a hub for Asia in Japan consistent with the current policy by using the global logistics intermodal network simulation, considering Hakata Port as a case study. The results show that Hakata Port has the potential to collect cargo from ports on the Japan Sea side and to launch shuttle services to Southeast Asia. The simulation results also suggest that cooperation with Kitakyushu Port, which is geographically close, is desirable. Approaches based on the characteristics of port governance in Japan are also presented.","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42904730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-11DOI: 10.1080/03088839.2022.2047813
Sepideh Zohoori, Masood Jafari Kang, M. Hamidi, R. Maihami
ABSTRACT Resiliency measurement is a great tool for evaluating system performance and proposing solutions to prevent damage and to recover from disruptive events. This study proposes an analytic approach to quantify narrow waterway systems’ resiliency during disasters. First, metrics are introduced to quantify the resiliency before, during, and after a disruption. The existing Key Performance Indicators (KPIs) for Maritime Transportation Systems (MTS) are examined, and two metrics, 1) the number of inbound and outbound vessels and 2) Total Stopped Vessel-Hours, are selected to measure the resiliency of a waterway system. Second, a heuristic method is developed to derive the KPIs from the Automatic Identification System (AIS) data. Finally, the proposed methodology is performed for the Houston Ship Channel (HSC) AIS data before, during, and after Hurricane Harvey, in August 2017. The results are presented for the entire channel and highlight useful information about the performance of individual docks, terminals, and waterway zones within HSC. This study helps decision-makers identify the weaknesses and potential bottlenecks in a waterway confronting a disruption and come up with remedies.
{"title":"An AIS-Based approach for measuring waterway resiliency: a case study of Houston ship channel","authors":"Sepideh Zohoori, Masood Jafari Kang, M. Hamidi, R. Maihami","doi":"10.1080/03088839.2022.2047813","DOIUrl":"https://doi.org/10.1080/03088839.2022.2047813","url":null,"abstract":"ABSTRACT Resiliency measurement is a great tool for evaluating system performance and proposing solutions to prevent damage and to recover from disruptive events. This study proposes an analytic approach to quantify narrow waterway systems’ resiliency during disasters. First, metrics are introduced to quantify the resiliency before, during, and after a disruption. The existing Key Performance Indicators (KPIs) for Maritime Transportation Systems (MTS) are examined, and two metrics, 1) the number of inbound and outbound vessels and 2) Total Stopped Vessel-Hours, are selected to measure the resiliency of a waterway system. Second, a heuristic method is developed to derive the KPIs from the Automatic Identification System (AIS) data. Finally, the proposed methodology is performed for the Houston Ship Channel (HSC) AIS data before, during, and after Hurricane Harvey, in August 2017. The results are presented for the entire channel and highlight useful information about the performance of individual docks, terminals, and waterway zones within HSC. This study helps decision-makers identify the weaknesses and potential bottlenecks in a waterway confronting a disruption and come up with remedies.","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46214971","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-16DOI: 10.1080/03088839.2022.2028028
Hengbin Yin, Zhuo Chen, Yi Xiao, M. Mohsin, Z. Liu
ABSTRACT Due to the COVID-19 pandemic, the international shipping market has been highly volatile, posing a serious threat to the survival and development of many maritime start-ups. With the development of the digital economy, digital transformation is affecting the evolution and upgrading of many traditional enterprises, including maritime enterprises. In the post-COVID-19 era, start-up small and medium-sized enterprises will need to consider the importance of enterprise risk management to achieve transformation and upgrading. The purpose of this study is to provide guidance for the establishment and upgrading of risk management systems for start-ups based on the identification of risk management strategies of maritime enterprises and the evaluation of their performance. The fuzzy analytic hierarchy process and importance-performance analysis methods were used to rank the operational risk, financial risk, market risk, innovation risk, and disaster risk according to sub-items and screen out the risk management schemes for priority improvements. Through empirical research, it was found that the financial risk and market risk response schemes have the lowest performance and need to be prioritised for improvement. This study argues that start-ups can appropriately challenge their risk management strategies to meet potential risk management needs based on their own circumstances.
{"title":"A study on the assessment of risk management performance in maritime start-ups: evidence from China","authors":"Hengbin Yin, Zhuo Chen, Yi Xiao, M. Mohsin, Z. Liu","doi":"10.1080/03088839.2022.2028028","DOIUrl":"https://doi.org/10.1080/03088839.2022.2028028","url":null,"abstract":"ABSTRACT Due to the COVID-19 pandemic, the international shipping market has been highly volatile, posing a serious threat to the survival and development of many maritime start-ups. With the development of the digital economy, digital transformation is affecting the evolution and upgrading of many traditional enterprises, including maritime enterprises. In the post-COVID-19 era, start-up small and medium-sized enterprises will need to consider the importance of enterprise risk management to achieve transformation and upgrading. The purpose of this study is to provide guidance for the establishment and upgrading of risk management systems for start-ups based on the identification of risk management strategies of maritime enterprises and the evaluation of their performance. The fuzzy analytic hierarchy process and importance-performance analysis methods were used to rank the operational risk, financial risk, market risk, innovation risk, and disaster risk according to sub-items and screen out the risk management schemes for priority improvements. Through empirical research, it was found that the financial risk and market risk response schemes have the lowest performance and need to be prioritised for improvement. This study argues that start-ups can appropriately challenge their risk management strategies to meet potential risk management needs based on their own circumstances.","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43548592","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-27DOI: 10.1080/03088839.2022.2029606
Özkan Uğurlu, Şaban Emre Kartal, Orçun Gündoğan, Muhammet Aydin, Jin Wang
ABSTRACT Mobbing is a fundamental problem that disrupts the organization’s structure and negatively affects its employees’ safe work environment. The most critical issue in combating mobbing is increasing the awareness of victims, businesses and society about this problem. The importance of identifying this problem, which will adversely affect the professional life in the maritime profession, as in every professional group, is obvious. This study offers a statistical analysis-based dynamic Bayesian network to model seafarers’ mobbing acts in merchant ships. In this research, measures against mobbing in the maritime industry are also recommended after determining the most frequent mobbing elements in ships. It is observed that the seafarers who have just stepped into onboard are more exposed to mobbing; in contrast, mobbing attacks experienced by seafarers decrease with an increase in age. The most frequent mobbing behaviours are listed as: “I am continually given new tasks“, “My superiors restrict the opportunity for me to express myself” and ”Unfounded rumours about me is circulated in the ship”. The study reveals that while the maritime authorities such as PSC and the ITF have limited capabilities for solving mobbing related problems, the companies may have a crucial role to play in the process.
{"title":"A statistical analysis-based Bayesian Network model for assessment of mobbing acts on ships","authors":"Özkan Uğurlu, Şaban Emre Kartal, Orçun Gündoğan, Muhammet Aydin, Jin Wang","doi":"10.1080/03088839.2022.2029606","DOIUrl":"https://doi.org/10.1080/03088839.2022.2029606","url":null,"abstract":"ABSTRACT Mobbing is a fundamental problem that disrupts the organization’s structure and negatively affects its employees’ safe work environment. The most critical issue in combating mobbing is increasing the awareness of victims, businesses and society about this problem. The importance of identifying this problem, which will adversely affect the professional life in the maritime profession, as in every professional group, is obvious. This study offers a statistical analysis-based dynamic Bayesian network to model seafarers’ mobbing acts in merchant ships. In this research, measures against mobbing in the maritime industry are also recommended after determining the most frequent mobbing elements in ships. It is observed that the seafarers who have just stepped into onboard are more exposed to mobbing; in contrast, mobbing attacks experienced by seafarers decrease with an increase in age. The most frequent mobbing behaviours are listed as: “I am continually given new tasks“, “My superiors restrict the opportunity for me to express myself” and ”Unfounded rumours about me is circulated in the ship”. The study reveals that while the maritime authorities such as PSC and the ITF have limited capabilities for solving mobbing related problems, the companies may have a crucial role to play in the process.","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41496738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-21DOI: 10.1080/03088839.2021.2021595
Qiong Chen, Y. Ge, Yui-yip Lau, M. Dulebenets, Xiaodong Sun, T. Kawasaki, A. Mellalou, Xuezong Tao
ABSTRACT This paper focuses on the analysis of the COVID-19 effects on passenger shipping in Danish waters as an example and aims to analyse the differences in passenger vessel activities and emissions before and after the COVID-19 outbreak. Two sets of Automatic Identification System (AIS) data for the passenger ships sailing in Danish waters associated with the whole year respectively for 2020 and 2019 are used for a comprehensive evaluation of the passenger shipping activities in the region by means of the analysis of variance and bottom-up emission models. A comparison of those results based on the two datasets shows that the COVID-19 pandemic has a major impact on cruise ships, with a significant reduction in the number of ships, average speed, and average draught. In contrast, the pandemic has a smaller impact on ferry-pax only and ferry-ro pax vessels. The effects can also be seen from the fact that, after the COVID-19 outbreak, SOx emissions from cruise ships, ferry-pax only and ferry-ro pax vessels were reduced by 50.71%, 0.51% and 0.82%, respectively. This investigation provides an important reference for policy makers in the marine environment sector.
{"title":"Effects of COVID-19 on passenger shipping activities and emissions: empirical analysis of passenger ships in Danish waters","authors":"Qiong Chen, Y. Ge, Yui-yip Lau, M. Dulebenets, Xiaodong Sun, T. Kawasaki, A. Mellalou, Xuezong Tao","doi":"10.1080/03088839.2021.2021595","DOIUrl":"https://doi.org/10.1080/03088839.2021.2021595","url":null,"abstract":"ABSTRACT This paper focuses on the analysis of the COVID-19 effects on passenger shipping in Danish waters as an example and aims to analyse the differences in passenger vessel activities and emissions before and after the COVID-19 outbreak. Two sets of Automatic Identification System (AIS) data for the passenger ships sailing in Danish waters associated with the whole year respectively for 2020 and 2019 are used for a comprehensive evaluation of the passenger shipping activities in the region by means of the analysis of variance and bottom-up emission models. A comparison of those results based on the two datasets shows that the COVID-19 pandemic has a major impact on cruise ships, with a significant reduction in the number of ships, average speed, and average draught. In contrast, the pandemic has a smaller impact on ferry-pax only and ferry-ro pax vessels. The effects can also be seen from the fact that, after the COVID-19 outbreak, SOx emissions from cruise ships, ferry-pax only and ferry-ro pax vessels were reduced by 50.71%, 0.51% and 0.82%, respectively. This investigation provides an important reference for policy makers in the marine environment sector.","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48245603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-19DOI: 10.1080/03088839.2021.2021594
Michalis Makrominas, Stelios N. Marcoulis
ABSTRACT While shipping stocks are risky investments, their realized returns are found to be consistently lower than expectations derived from a mean-variance framework. The objective of the paper is to examine whether additional characteristics of the return distribution, in particular, extreme positive (maximum) return, are significant in the pricing of shipping stocks. Using U.S. data of publicly listed firms, we find that shipping stocks with a higher daily maximum return in the previous month exhibit significantly lower subsequent returns, suggesting that investors are willing to pay a higher price and accept a lower expected return for such stocks. Our results are robust at portfolio and firm levels after controlling for a barrage of risk factors. Consistent with prospect theory, we corroborate evidence of preference among shipping investors towards lottery-like payoffs. The implications of our work are relevant to investment managers who consider including shipping stocks in their portfolios, to investment bankers providing valuations for the pricing of shipping initial and secondary public offerings, or for mergers and acquisitions, and to shipping firms seeking to estimate their cost of capital in the context of investment appraisal.
{"title":"Shipping stocks as lotteries","authors":"Michalis Makrominas, Stelios N. Marcoulis","doi":"10.1080/03088839.2021.2021594","DOIUrl":"https://doi.org/10.1080/03088839.2021.2021594","url":null,"abstract":"ABSTRACT While shipping stocks are risky investments, their realized returns are found to be consistently lower than expectations derived from a mean-variance framework. The objective of the paper is to examine whether additional characteristics of the return distribution, in particular, extreme positive (maximum) return, are significant in the pricing of shipping stocks. Using U.S. data of publicly listed firms, we find that shipping stocks with a higher daily maximum return in the previous month exhibit significantly lower subsequent returns, suggesting that investors are willing to pay a higher price and accept a lower expected return for such stocks. Our results are robust at portfolio and firm levels after controlling for a barrage of risk factors. Consistent with prospect theory, we corroborate evidence of preference among shipping investors towards lottery-like payoffs. The implications of our work are relevant to investment managers who consider including shipping stocks in their portfolios, to investment bankers providing valuations for the pricing of shipping initial and secondary public offerings, or for mergers and acquisitions, and to shipping firms seeking to estimate their cost of capital in the context of investment appraisal.","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42128111","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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