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Term Risk Premia in Shipping Markets: Reconciling the Evidence

Graham Wright
Journal of Transport Economics and Policy
Vol. 41, No. 2 (May, 2007), pp. 247-256
Stable URL: http://www.jstor.org/stable/20054015
Page Count: 10
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Term Risk Premia in Shipping Markets: Reconciling the Evidence
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Abstract

Past research into the term structure of freight rates has generally proved unsuccessful in its attempts to establish the expectations hypothesis as applicable to shipping markets. Recent work has provided a possible explanation for such failures by identifying time-varying term risk premia in shipping markets. However, one interesting additional result of this work was to identify contradictory attitudes to term risk between shipping and financial markets. This paper reconsiders the theoretical background for such work and, instead of relying on contradictory attitudes to term risk, reconciles the results by developing an alternative approach to the conventional methodology on term structure.

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