碩士 / 國立臺灣海洋大學 / 航運管理學系 / 105 / This study uses five sentiment proxies from Papapostolou et al.(2014) that represent participant’s different sentiments to find the impacts on the Return and Volatility of dry bulk freight rates.Conclusion shows that MC, PE and SNB have significant influence on the freight rate. MC, PE and SNB also are the optimist proxies that can reflect market sentiment in all dry bulk fright market proved by the method of stepwise regression model. There are also asymmetry effects that sentiments have greater influence in the fright-rising market rather than fright-falling market, and the optimistic sentiments have greater influence than the pessimistic sentiments. In the aspect of impacts of freight return volatility, there exists negative risk premium in the sector of Panamax and risk premium in the sector of Handysize. There are Asymmetry effects on the freight return volatility in the sector of Handysize. However there are no common sentiments that influence the freight return volatility in all sector of ships. Moreover, this study build market sentiment index to find the impacts on the Return and Volatility of dry bulk freight rates. Consequence shows that only in the sector of Panamax, market sentiment index has significant influence on the freight rate, but there is no significant influence on the freight rate volatility in all sector of ships.
Keywords：Dry bulk fright, Sentiments, Ship Prices, Capesize, Panamax, Handysize
| Identifer | oai:union.ndltd.org:TW/105NTOU5301010 |
| Date | January 2016 |
| Creators | Hsieh, Yu-Chen, 謝育錚 |
| Contributors | Chou, Heng-Chi, 周恆志 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 45 |
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