Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/329673 
Year of Publication: 
2021
Citation: 
[Journal:] Asian Journal of Shipping and Logistics (AJSL) [ISSN:] 2352-4871 [Volume:] 37 [Issue:] 2 [Year:] 2021 [Pages:] 184-191
Publisher: 
Elsevier, Amsterdam
Abstract: 
We estimate intentional and unintentional herding in the dry-bulk, ocean-going segment that spans from August 1998 to January 2020 and measure how this can impact vessel orders. As the results suggest, while intentional herding has a large effect on the orders of the newbuilding vessels, the impact is very short-lived. On the contrary, unintentional herding, related to common environmental factors, has a smoother but more time persistent effect on the newbuilding vessels. The findings suggest that the key players in the market do not only affect the dry-bulk market with their decisions but also the logistics trade and ultimately the world economy. Thus, the inclusion of the dry bulk key shipowners by the policymakers in the discussions before reaching an important decision could minimise the volatility of the overall sector.
Subjects: 
Dry bulk
Herding behavior
Impulse responses
Shipping markets
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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