Μακροοικονομικές μεταβλητές και αποδόσεις ναυτιλιακών μετοχών
KeywordsΧαρτοφυλάκιο αγοράς ; Τιμές πετρελαίου ; Βιομηχανική παραγωγικότητα ; Συναλλαγματικές ισοτιμίες ; Market portfolio ; Oil prices ; Industrial productivity ; Interest rates
The aim of this thesis is to present the relationship of different macroeconomic factors with the shipping stock returns. The dependent variable is the shipping stock return for each sector: tanker, drybulk, container. The sample is consisted of monthly data and the period 10/2005-09/2016 is examined. The OLS regression is used for analyzing the relationship between dependent and independent variables. The results differ from sector to sector. The market portfolio found to be statistical significant and positively related with the portfolio of tanker, drybulk and container. Oil prices have positive relationship with tanker and drybulk portfolio. The portfolio of tanker is positively affected by the industrial production of G-7 countries and the portfolio of drybulk and container are positively affected by the industrial production of China. The exchange rate variable displays a negative relationship to the drybulk. The 10-year interest rate found to be positively related with tanker and TED spread found to be negatively related with tanker and container. No significant relationship found between 3-month interest rate and the three portfolios.