A time-varying risk premium in the term structure of bulk shipping freight rates.
(2005)
Journal Article
Adland, R., & Cullinane, K. (2005). A time-varying risk premium in the term structure of bulk shipping freight rates. Journal of Transport, Economics and Policy, 39, 191-208
This paper presents a simple argument, based on logic and maritime economic theory alone, for rejecting the applicability of the expectations theory in bulk shipping freight markets. It is shown that the risk premium must be time varying and must, in... Read More about A time-varying risk premium in the term structure of bulk shipping freight rates..