The announcement effect of shipping sale-and-leaseback transactions

IF 2 Q3 BUSINESS

Maritime Business Review Pub Date : 2023-10-23 DOI:10.1108/mabr-07-2023-0051

Sangho Yoon, Chi Yeol Kim

{"title":"The announcement effect of shipping sale-and-leaseback transactions","authors":"Sangho Yoon, Chi Yeol Kim","doi":"10.1108/mabr-07-2023-0051","DOIUrl":null,"url":null,"abstract":"Purpose This paper investigates the announcement effect of shipping sale-and-leaseback (SLB) transactions. As an emerging source of financing, a growing deal of interest has been paid to the SLB. However, little is known about a variety of aspects of SLB transactions in the shipping industry. In this regard, this study examines the stock market reaction to the SLB announcements of shipping firms and their impact on shareholders' wealth. Design/methodology/approach A sample of 15 shipping SLB deals commenced by publicly-listed Korean shipping companies during 2009–2023 are examined in this research. The announcement effect is measured by abnormal returns (AR) of their stocks based on the event study analysis. Findings It is found that the AR on the shipping SLB announcement date is, on average, −0.84% while there is no statistical significance. However, the results indicate that shareholders of shipping companies engaging in large-sized SLBs can experience positive AR around the announcement date. Originality/value This study is the first attempt to investigate the announcement effect of SLB transactions on the shipping industry and their impact on shareholders' wealth. The findings in this research can offer implications for the financing decisions of shipping companies and investment decisions of stock investors.","PeriodicalId":43865,"journal":{"name":"Maritime Business Review","volume":"38 1","pages":"0"},"PeriodicalIF":2.0000,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Maritime Business Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/mabr-07-2023-0051","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}

引用次数: 0

Abstract

Purpose This paper investigates the announcement effect of shipping sale-and-leaseback (SLB) transactions. As an emerging source of financing, a growing deal of interest has been paid to the SLB. However, little is known about a variety of aspects of SLB transactions in the shipping industry. In this regard, this study examines the stock market reaction to the SLB announcements of shipping firms and their impact on shareholders' wealth. Design/methodology/approach A sample of 15 shipping SLB deals commenced by publicly-listed Korean shipping companies during 2009–2023 are examined in this research. The announcement effect is measured by abnormal returns (AR) of their stocks based on the event study analysis. Findings It is found that the AR on the shipping SLB announcement date is, on average, −0.84% while there is no statistical significance. However, the results indicate that shareholders of shipping companies engaging in large-sized SLBs can experience positive AR around the announcement date. Originality/value This study is the first attempt to investigate the announcement effect of SLB transactions on the shipping industry and their impact on shareholders' wealth. The findings in this research can offer implications for the financing decisions of shipping companies and investment decisions of stock investors.

查看原文本刊更多论文

本公告影响船舶售后回租交易

目的研究船舶售后回租交易的公告效应。作为一种新兴的融资来源，向SLB支付的利息越来越高。然而，人们对航运业SLB交易的各个方面知之甚少。在这方面，本研究考察了股票市场对航运公司SLB公告的反应及其对股东财富的影响。设计/方法/方法本研究以2009-2023年间韩国上市航运公司开展的15项航运SLB交易为样本进行了研究。在事件研究分析的基础上，通过股票的异常收益(AR)来衡量公告效应。研究发现，船舶SLB公告日期的AR平均为−0.84%，但无统计学意义。然而，结果表明，从事大型slb的航运公司股东在公告日期前后可以体验到积极的AR。原创性/价值本研究首次尝试探讨SLB交易对航运业的公告效应及其对股东财富的影响。本研究结果可为航运公司的融资决策和股票投资者的投资决策提供启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Maritime Business Review BUSINESS-

CiteScore

4.80

自引率

0.00%

发文量