Investor domicile and second-hand ship sale prices

This paper investigates the contribution of investor domicile effects to second-hand bulk transaction price formation. The dataset covers transactions for Handysize bulk carriers between 1996 and 2016. We apply a two-stage regression approach, first capturing the effects of vessel age and market con...

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Published in:	Maritime policy and management Vol. 48; no. 8; pp. 1109 - 1123
Main Authors:	Peng, Wen Hao, Adland, Roar, Yip, Tsz Leung
Format:	Journal Article
Language:	English
Published:	Abingdon Routledge 17-11-2021 Taylor & Francis Ltd
Subjects:	Bulk carriers Economic conditions Economics Effects Financing handysize bulk investor domicile effects micro-economics non-parametric Nonparametric statistics Prices Pricing Second-hand transaction price Ships
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Abstract	This paper investigates the contribution of investor domicile effects to second-hand bulk transaction price formation. The dataset covers transactions for Handysize bulk carriers between 1996 and 2016. We apply a two-stage regression approach, first capturing the effects of vessel age and market conditions in a non-parametric model and, in a second stage, adapting fixed-effect models to investigate investor domicile effects and ship-specific factors. We show that investor domicile effects, as well as domicile match effects, can have a statistically significant impact on sales prices. We suggest that these effects may be due to domestic economic conditions affecting the cost of financing, average investor experience, and cultural biases in negotiations.
AbstractList	This paper investigates the contribution of investor domicile effects to second-hand bulk transaction price formation. The dataset covers transactions for Handysize bulk carriers between 1996 and 2016. We apply a two-stage regression approach, first capturing the effects of vessel age and market conditions in a non-parametric model and, in a second stage, adapting fixed-effect models to investigate investor domicile effects and ship-specific factors. We show that investor domicile effects, as well as domicile match effects, can have a statistically significant impact on sales prices. We suggest that these effects may be due to domestic economic conditions affecting the cost of financing, average investor experience, and cultural biases in negotiations.
Author	Adland, Roar Peng, Wen Hao Yip, Tsz Leung
Author_xml	– sequence: 1 givenname: Wen Hao orcidid: 0000-0001-5441-7125 surname: Peng fullname: Peng, Wen Hao organization: The Hong Kong Polytechnic University – sequence: 2 givenname: Roar orcidid: 0000-0002-0345-2446 surname: Adland fullname: Adland, Roar organization: Norwegian School of Economics – sequence: 3 givenname: Tsz Leung orcidid: 0000-0002-7277-7666 surname: Yip fullname: Yip, Tsz Leung email: t.l.yip@polyu.edu.hk organization: The Hong Kong Polytechnic University
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Title	Investor domicile and second-hand ship sale prices
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