Factors Affecting the Dynamics of Yield Premia on Shipping Seasoned High Yield Bonds

This paper investigates factors that can explain the dynamics of yield premia on seasoned high This paper investigates factors that can explain the dynamics of yield premia on seasoned high yield bonds of shipping companies. The analysis uses 40 seasoned high yield bonds offered by 32 shipping companies between April 1998 and December 2002 and a set of microeconomic, macroeconomic and, industry related factors. The authors' model suggests that the dynamics of credit premia of seasoned shipping high yield bonds can be explained by: credit rating; term-to-maturity; changes in earnings in the shipping market, as well as in the yield on 10-year Treasury bonds; and the yield on the Merrill Lynch single-B index.yield bonds of shipping companies. Our analysis utilises 40 seasoned high yield bonds offered by 32 shipping companies between April 1998 and December 2002 and a set of microeconomic, macroeconomic and, industry related factors. Our model suggests that the dynamics of credit premia of seasoned shipping high yield bonds can be explained by: credit rating; term-to-maturity; changes in earnings in the shipping market, as well as in the yield on 10-year Treasury bonds; and the yield on the Merrill Lynch single-B index.

• Record URL:
  http://www.sciencedirect.com/science/article/B6VHF-4M6SGCC-1/2/8e1a606fa61e524c51a403ec793d11b5
• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/issn/13665545
• Supplemental Notes:
  • Abstract reprinted with permission from Elsevier
• Authors:
  • Grammenos, Costas Th
  • Alizadeh, Amir H
  • Papapostolou, Nikos C
• Publication Date: 2007-9

Language

• English

Media Info

• Media Type: Print
• Features: Appendices; Figures; References; Tables;
• Pagination: pp 549-564
• Serial:
  • Transportation Research Part E: Logistics and Transportation Review
  • Volume: 43
  • Issue Number: 5
  • Publisher: Elsevier
  • ISSN: 1366-5545
  • Serial URL: http://www.sciencedirect.com/science/journal/13665545

Subject/Index Terms

• TRT Terms: Bonds; Credit; Earnings; Macroeconomics; Markets; Mathematical models; Microeconomics; Panel studies; Ship lines; Shipping; Time periods; Yield (Finance)
• Subject Areas: Administration and Management; Economics; Finance; Freight Transportation; Marine Transportation;

Filing Info

• Accession Number: 01055946
• Record Type: Publication
• Files: TRIS
• Created Date: Jul 30 2007 2:09PM