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Πλοήγηση ανά Συγγραφέα "Kokkolis, Alexios-Panagiotis"

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    Investment triggering analysis in dry bulk shipping sector: based on uncertainty & vessel specific reversibility metrics
    (2021) Kokkolis, Alexios-Panagiotis; Zotou, Vicky; Κοκκόλης, Αλέξιος-Παναγιώτης; Ζώτου, Βίκη; Athens University of Economics and Business, Department of Accounting and Finance; Rompolis, Leonidas; Kavousanos, Emmanuel G.; Drakos, Konstantinos
    Uncertainty is inherent to investment decisions. Therefore, it is extremely important toproperly address this issue. In the field of investment decision making on maritimesector and more specifically in Dry-Bulk segment, the effect of uncertainty is rarelydiscussed or quantified. Theoretically, on top of the system complexity, the physicalmovements of shipments require synchronization from both information and financialflows to maintain its seamlessness. The reliability of the system, therefore, is heavilyaffected by the accumulation of uncertain factors from its components.It is the goal of this paper to fill this gap by focusing on a particular industry, that ofdry-bulk shipping. For this reason, this paper explores the negative nature of uncertaintyreducing the likelihood of investment triggering in world dry bulk shipping. Moreover,this effect is more pronounced as the vessel investment irreversibility1 increases.Reversibility is measured by two different metrics, capturing the ability to resell avessel but also the price discount at which this sale occurs. On one hand by witnessingthe ability to re-sell a secondhand 5yr vessel, we quantify the extent of liquifying avessel in the secondhand market. On the other hand, by quantifying the impact of timeto build a vessel we capture the price discount at which the sale of SH compared to aNB will occur. In other words, the higher the irreversibility of these two metrics, themore often inaction zone exists, and zero-investment triggering is present. Finally, weintroduce the dummy crisis, in order to measure the overall impact on investmenttriggering.