油价对美国航运股票价格的影响：运价和经济指标的中介作用

IF 3.7 4区经济学 Q1 BUSINESS, FINANCE

Journal of Commodity Markets Pub Date : 2025-04-03 DOI:10.1016/j.jcomm.2025.100474

Andreas Andrikopoulos , Anna Merika , Nikolaos Stoupos

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引用次数: 0

摘要

我们探讨了石油价格对航运股票和运价的影响，提供证据表明石油价格对股票价格的影响是由石油价格对运价的影响介导的，因此，运价对美国上市航运公司股票的影响。我们的数据集从2018年到2023年，我们的方法库包括误差修正模型、MIDAS和格兰杰因果关系。在此背景下，我们发现，在新冠肺炎大流行和俄乌战争期间，油价、运费和股价之间的相互作用被打乱，运费对股价的影响由非因果变为因果，油价对运费的影响由负向正。

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The effect of oil prices on the US shipping stock prices: The mediating role of freight rates and economic indicators

We explore the effect of oil prices on shipping stocks and freight rates, delivering evidence that the effect of oil prices on stock prices is mediated by the effect of oil prices on freight rates and, thereof, the effect of freight rates on the stocks of US-listed shipping companies. Our data set runs from 2018 to 2023, and our methodological arsenal includes error correction models, MIDAS and Granger causality. In this context, we discover that after the Covid19 pandemic and during the Russo-Ukrainian war the interactions between oil prices, freight rates and stock prices have been disrupted, turning the effect of freight rates on stock prices from non-causal to causal and the effects of oil prices on freight rates from negative to positive.

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来源期刊

Journal of Commodity Markets Multiple-

CiteScore

5.70

自引率

2.40%

发文量

期刊介绍： The purpose of the journal is also to stimulate international dialog among academics, industry participants, traders, investors, and policymakers with mutual interests in commodity markets. The mandate for the journal is to present ongoing work within commodity economics and finance. Topics can be related to financialization of commodity markets; pricing, hedging, and risk analysis of commodity derivatives; risk premia in commodity markets; real option analysis for commodity project investment and production; portfolio allocation including commodities; forecasting in commodity markets; corporate finance for commodity-exposed corporations; econometric/statistical analysis of commodity markets; organization of commodity markets; regulation of commodity markets; local and global commodity trading; and commodity supply chains. Commodity markets in this context are energy markets (including renewables), metal markets, mineral markets, agricultural markets, livestock and fish markets, markets for weather derivatives, emission markets, shipping markets, water, and related markets. This interdisciplinary and trans-disciplinary journal will cover all commodity markets and is thus relevant for a broad audience. Commodity markets are not only of academic interest but also highly relevant for many practitioners, including asset managers, industrial managers, investment bankers, risk managers, and also policymakers in governments, central banks, and supranational institutions.