Factors affecting the dynamics of yield premia on shipping seasoned high yield bonds

Costas Th. Grammenos, Amir Alizadeh and Nikos Papapostolou ()

Transportation Research Part E: Logistics and Transportation Review, 2007, vol. 43, issue 5, 549-564

Abstract: This paper investigates factors that can explain the dynamics of yield premia on seasoned high 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.

Keywords: High; yield; bonds; Yield; spread; Shipping; market; Panel; data (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1366554506000688
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:transe:v:43:y:2007:i:5:p:549-564

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/600244/bibliographic
http://www.elsevier. ... 600244/bibliographic

Access Statistics for this article

Transportation Research Part E: Logistics and Transportation Review is currently edited by W. Talley

More articles in Transportation Research Part E: Logistics and Transportation Review from Elsevier
Bibliographic data for series maintained by Catherine Liu ().