This paper extends earlier investigations into the structure of shipping markets, and, in particular, examines the implicit assumption made in some applied studies that these markets are efficient. The idea of cointegration, recently developed in the time series literature, is used to analyse the world-wide markets for secondhand dry bulk carriers. The results raise serious doubts over the validity of efficient markets hypothesis in these cases.
The market for second-hand ships: some results on efficiency using cointegration
Maritime Policy & Management ; 19 , 1 ; 31-39
01.03.1992
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