Net asset value discounts and premiums in the maritime shipping industry
通过定性访谈和定量面板数据分析，研究了海运公司市值偏离资产净值的原因，发现资本结构、股票流动性、运营绩效等公司特定因素会影响折价或溢价。
Abstract This paper examines net asset value (NAV) discounts and premiums in the setting of the maritime shipping industry. We employ a qualitative study with equity analysts as well as a quantitative study with a unique panel data, to explore and empirically investigate, respectively, the reasons underpinning NAV discounts and premiums. Our findings suggest that deviations of market capitalisation from NAV are associated with firm‐specific factors, such as public maritime shipping companies’ capital structure, stock liquidity, fleet acquisition cost, operating performance, institutional ownership, cost of capital, corporate governance, dividend policy, and related party transactions.