The price-volume relationship in the sale and purchase market for dry bulk vessels
The price-volume relationship in the sale and purchase market for dry bulk vessels
复制标题
干散货船买卖市场的价量关系
DOI：
10.1080/0308883032000145627
复制
发表时间：
2003
影响因子：
3.5
通讯作者：
N. Nomikos
中科院分区：
文献类型：
--
作者：
A. Alizadeh;N. Nomikos
本文首次研究了在真实的资产交易市场中，即在二手干散货船的销售和购买市场中，价格与交易活动之间的关系。对这一问题的调查是有意义的，因为交易活动的水平可能包含有关市场情绪和未来价格走向的信息。这一分析得出了几个重要结论。研究发现，价格的变化是有用的预测交易量，这表明，较高的资本利得鼓励更多的交易在市场上。此外，成交量似乎对价格变化的波动性产生负面影响。更具体地说，与金融市场的报告相反，我们发现有证据表明，在船舶市场，贸易活动的增加导致市场波动性的减少。这可以用船舶市场独特的基本特征来解释，包括交易清淡，这意味着交易活动的增加导致价格的透明度和稳定。这些研究结果显示，市场从业员可以利用交易活动水平所包含的信息，指导他们在销售和购买市场上的市场决策。
This paper investigates, for the first time, the relationship between prices and trading activity in a market where real assets are traded, i.e. in the sale and purchase market for second-hand dry bulk vessels. Investigation of this issue is of interest since the level of trading activity may contain information about the sentiment and the future direction of the prices in the market. Several important conclusions emerge from this analysis. It is found that price changes are useful in predicting trading volume, which suggests that higher capital gains encourage more transactions in the market. Additionally, it seems that volume has a negative impact on the volatility of price changes. More specifically, in contrast to what is reported for financial markets, we find evidence that, in the market for ships, increases in trading activity lead to a reduction in market volatility. This can be explained by the unique underlying characteristics of the market for ships, including thin trading, which imply that increases in trading activity result in price transparency and stability. These findings indicate that practitioners in the market may use the information contained in the level of trading activity so as to guide their market decisions in the sale and purchase market.