Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/25745
Title: Beta estimation and stability in the US-listed international transportation industry
Authors: Gong, SXH 
Firth, M
Cullinane, K
Keywords: Beta estimation
Risk
Stability
Stock market
Transportation
Issue Date: 2006
Source: Review of Pacific basin financial markets and policies, 2006, v. 9, no. 3, p. 463-490 How to cite?
Journal: Review of Pacific Basin Financial Markets and Policies 
Abstract: Although perceived as risk-laden, cyclical businesses with high financial and operating leverage, relatively low beta risks have been documented for the international transportation industry. This paper analyses whether such results are robust to different estimation designs and asserts that previous beta estimates are confounded by sample selection problems. Developing a more representative sample and implementing a number of different estimation designs, a range of industry beta estimates are derived. It is concluded that beta estimates of US-listed international transportation stocks are sensitive to estimation design and that industry beta risk is time-varying. This has implications for the industry cost of capital and pricing policies.
URI: http://hdl.handle.net/10397/25745
ISSN: 0219-0915
DOI: 10.1142/S0219091506000811
Appears in Collections:Journal/Magazine Article

Access
View full-text via PolyU eLinks SFX Query
Show full item record

SCOPUSTM   
Citations

10
Last Week
0
Last month
0
Citations as of Sep 9, 2017

Page view(s)

54
Last Week
5
Last month
Checked on Sep 18, 2017

Google ScholarTM

Check

Altmetric



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.