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Hedging effectiveness in shipping industry during financial crises

Author

Listed:
  • Aristeidis Samitas
  • Ioannis Tsakalos

Abstract

This paper investigates the significance of financial derivatives in shipping firms and its potential impact on their firm value. The methodology applied in order to measure firms' value is Tobin's Q. The investigation whether shipping firms can decrease their risk exposure and increase their value by using financial derivatives is considered to be essential. The sample of this study consists of shipping firms which are listed in US stock exchanges where the impact of financial crisis was first seen. The empirical evidence of this paper indicates that the use of derivatives minimise shipping firms' risk exposure and guarantee their growth.

Suggested Citation

  • Aristeidis Samitas & Ioannis Tsakalos, 2010. "Hedging effectiveness in shipping industry during financial crises," International Journal of Financial Markets and Derivatives, Inderscience Enterprises Ltd, vol. 1(2), pages 196-212.
    • Handle: RePEc:ids:ijfmkd:v:1:y:2010:i:2:p:196-212
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    Citations

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    Cited by:

    1. Alexandridis, George & Kavussanos, Manolis G. & Kim, Chi Y. & Tsouknidis, Dimitris A. & Visvikis, Ilias D., 2018. "A survey of shipping finance research: Setting the future research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 115(C), pages 164-212.
    2. Čech, František & Zítek, Michal, 2022. "Marine fuel hedging under the sulfur cap regulations," Energy Economics, Elsevier, vol. 113(C).
    3. Pouliasis, Panos K. & Papapostolou, Nikos C. & Kyriakou, Ioannis & Visvikis, Ilias D., 2018. "Shipping equity risk behavior and portfolio management," Transportation Research Part A: Policy and Practice, Elsevier, vol. 116(C), pages 178-200.
    4. Bai, Xiwen & Cheng, Liangqi & Iris, Çağatay, 2022. "Data-driven financial and operational risk management: Empirical evidence from the global tramp shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 158(C).
    5. Georgios I. Papayiannis, 2022. "Static Hedging of Freight Risk under Model Uncertainty," Papers 2207.00862, arXiv.org.

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