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SYSTEMATIC RISK AND COMPETITIVE ENVIRONMENT IN THE JAPANESE SHIPPING INDUSTRY
Koichiro TEZUKA 인하대학교 정석물류통상연구원 2008 인하대학교 정석물류통상연구원 학술대회 Vol.2008 No.3
This study addresses the issue of how the competitive environment, particularly the introduction of competitive policies such as the Shipping Act of 1984 and the Ocean Shipping Reform Act of 1998 in the US, affects the Japanese liner shipping industry. In order to evaluate the competitive environment and the market performance after the introduction of such competitive policies, we examine the risk structure of the Japanese shipping industry using stock price data. To analyze the risk structure, we estimate the time varying systematic risk beta of each Japanese liner shipping company and show the possibility that the introduction of competitive policies would increase beta, whereas inter-firm cooperation such as alliance would decrease it.