Industry investor sentiment in the global shipping industry

Sebastian Ehlert

Maritime Policy & Management, 2024, vol. 51, issue 1, 74-97

Abstract: This article investigates the influence of industry investor sentiment on excess stock returns of matched, global listed shipping and non-shipping firms. We document a weak insignificant association of industry investor sentiment on excess stock returns for shipping firms and a strong significant positive association for non-shipping peers. These results are mimicked by the trading behavior of both groups. As shipping is not a frequently traded asset with a concentrated, predominantly professional ownership, arbitrageurs limit the influence of noise traders and are the major driver in the formation of stock prices. On the contrary, the noise trader hypothesis holds for non-shipping peers due to a relatively dispersed ownership of non-shipping peers.

Date: 2024
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DOI: 10.1080/03088839.2022.2087237

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