دانلود مقاله ISI انگلیسی شماره 6643
ترجمه فارسی عنوان مقاله

حق بیمه ریسک نقدینگی و قیمت گذاری دارایی ها در حمل و نقل آب ایالات متحده

عنوان انگلیسی
Liquidity risk premium and asset pricing in US water transportation
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
6643 2013 13 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Transportation Research Part E: Logistics and Transportation Review, Volume 52, June 2013, Pages 3–15

ترجمه کلمات کلیدی
- ریسک نقدینگی - حمل و نقل آب - تجزیه و تحلیل فاما و مکبث - ریسک بازار
کلمات کلیدی انگلیسی
پیش نمایش مقاله
پیش نمایش مقاله  حق بیمه ریسک نقدینگی و قیمت گذاری دارایی ها در حمل و نقل آب ایالات متحده

چکیده انگلیسی

The water transportation of freight has been one of the most important sectors in facilitating international trade and contributing to the growth of the world economy. Bearing in mind the importance of the relation between asset returns and liquidity in water transportation, this paper examines this relation within the context of US traded international water freight transportation firms. Using a Fama–MacBeth analysis, it is shown that the illiquidity risk premium is priced in the water transportation sector beyond the Fama and French and market-wide illiquidity risk factors, indicating higher average returns for stocks with greater illiquidity measures. It is also shown that the market-wide illiquidity factor and the Fama–French SMB and HML risk factors are significant in explaining stock returns. In contrast, market risk is found not to be priced in the water transportation sector. The results are also robust to asset pricing tests over two alternative sub-periods.