Modelling Stock Returns and Risk Management in the Shipping Industry

We estimate the impact of macroeconomic risk factors on shipping stock returns, using a quantile regression (QR) model. regress excess return portfolio for container, dry bulk, chemical/gas, oil tanker, and diversified sectors world market return, volatility index, changes in price, exchange rate, interest rate. The sensitivities returns to differ across quantiles segments are found be significant long-term rate with variation over quantiles. This provides evidence asymmetric heterogeneous dependence between certain variables. results study also suggest that standard OLS is inadequate uncover risk-return relation.