Quantifying time-varying term-risk premia in shipping markets
Recent empirical work, as part of its attempt to establish the expectations hypothesis and\ud explain the term structure of shipping freight rates, has identified the presence of timevarying\ud term-risk premia in shipping markets. Consequently, to proceed further in any\ud such research, a way must be found to model this variable independently from the\ud expectations hypothesis. This paper considers one possible approach that involves\ud deriving a relationship between market risk and market discount rates. This relationship\ud is then employed to illustrate how term-risk premia in shipping markets might be quantified.
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