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1828460167220428800
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Χαβιάρας, Λεόντιος
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Συριόπουλος, Θεόδωρος
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Συριόπουλος, Θεόδωρος
Χαβιάρας, Λεόντιος
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Χαβιάρας, Λεόντιος
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DSpace
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| description |
Μελέτη της μεθόδου αποτίμησης μεταχειρισμένων πλοίων ξηρού φορτίου μέσω της μεθόδου Long Term Asset Valuattion (LTAV) και σύγκριση με αγοραίες τιμές με σκοπό την εξέταση ύπαρξης "φούσκας" κατα την περίοδο 2002-2016. Μελέτη της αποτελεσματικότητας των αγορών μεσω των ελέγχων Engle-Granger, Johansen.
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oai:hellanicus.lib.aegean.gr:11610-17129
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Hellanicus
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English
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2016
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dspace
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oai:hellanicus.lib.aegean.gr:11610-171292017-03-08T12:16:43Z Vessel Valuation and Asset Bubbles in Shipping Χαβιάρας, Λεόντιος Συριόπουλος, Θεόδωρος Ναυτιλία, Μεταφορές και Διεθνές Εμπόριο ΝΑ.Μ.Ε. Bubbles Vessel Valuation Efficient Market Hypothesis (EMH) Φούσκες Αποτίμηση Πλοίων Θεωρία Αποτελεσματικών Αγορών Vessel Valuation Efficient Market Hypothesis (EMH) Μελέτη της μεθόδου αποτίμησης μεταχειρισμένων πλοίων ξηρού φορτίου μέσω της μεθόδου Long Term Asset Valuattion (LTAV) και σύγκριση με αγοραίες τιμές με σκοπό την εξέταση ύπαρξης "φούσκας" κατα την περίοδο 2002-2016. Μελέτη της αποτελεσματικότητας των αγορών μεσω των ελέγχων Engle-Granger, Johansen. The present study examines the mechanics behind valuation methods of vessels, more specifically of the Long Term Asset Valuation Model, which is assumed to incorporate the largest amount of information available into the final price when compared to other methods. The next part involves an examination between differences in estimated intrinsic values calculated by the model and actual market values. Following that, the analysis is continued with the definition of what exactly is a bubble in general and which are the conditions that need to be present in order for a bubble to form. Being more specific, the prevalent conditions that existed during the period when the vessels prices in the secondhand market presented a large difference with the intrinsic values are examined. The next part of the analysis involves the empirical research based on the concept of the efficiency in the secondhand ship markets. The Efficient Market Hypothesis is tested based on cointegration tests on the second hand prices of three different size categories in the dry bulk sector; Supramax, Panamax and Capesize as it was used in previous studies. The existence of cointegration between those prices indicates a possible inefficiency of the whole second hand market for vessels. An extend on the concept of testing efficiency is examined through Engle-Granger cointegration testing as well as the Johansen test. The analysis was based on monthly data for the period 1994-2016 for 10-year-old second-hand vessels. The results from the two tests indicate that there is cointegration among the three variables, although the tests present that there is a different number of cointegrating vectors. This deems the implementation of an error correction model difficult, as well as the fact that there are many exogenous factors that affect the formation of the second hand prices. 2016-11-16T13:44:51Z 2016-11-16T13:44:51Z 2016-10-14 http://hdl.handle.net/11610/17129 en Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές 58 σ. application/pdf Χίος
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| spellingShingle |
Bubbles
Vessel Valuation
Efficient Market Hypothesis (EMH)
Φούσκες
Αποτίμηση Πλοίων
Θεωρία Αποτελεσματικών Αγορών
Vessel Valuation
Efficient Market Hypothesis (EMH)
Χαβιάρας, Λεόντιος
Vessel Valuation and Asset Bubbles in Shipping
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| title |
Vessel Valuation and Asset Bubbles in Shipping
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| title_full |
Vessel Valuation and Asset Bubbles in Shipping
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| title_fullStr |
Vessel Valuation and Asset Bubbles in Shipping
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| title_full_unstemmed |
Vessel Valuation and Asset Bubbles in Shipping
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| title_short |
Vessel Valuation and Asset Bubbles in Shipping
|
| title_sort |
vessel valuation and asset bubbles in shipping
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| topic |
Bubbles
Vessel Valuation
Efficient Market Hypothesis (EMH)
Φούσκες
Αποτίμηση Πλοίων
Θεωρία Αποτελεσματικών Αγορών
Vessel Valuation
Efficient Market Hypothesis (EMH)
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| url |
http://hdl.handle.net/11610/17129
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| work_keys_str_mv |
AT chabiarasleontios vesselvaluationandassetbubblesinshipping
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