Review of Industrial Organization 22: 93–95, 2003. Book Review Risk and Return in Transportation and Other U.S. and Global Industries, Manolis G. Kavussanos and Stelios N. Marcoulis. Boston: Kluwer Academic Publishers, 2001, 174 pages, $100. This book assesses stock returns of the water transport industry and compares these returns to other transport industries (air, truck and rail) as well as utilities (gas and electric). The stated objective of the book apparently is to evaluate the risk-return trade-off in water transport, though it is not clear whether the authors believe that the industry is high-risk or low-risk, a priori. The authors assert that risk in water transport is primarily due to the high level of capital investment (not unlike rail). However it is not clear whether this high capital cost makes water shipping a higher-risk investment than the other industries to which it is compared. Absent a theoretically-based motivation, the main goal of the book appears to be to compare returns in different industries using different estimation techniques. Little attention is given to the industry implications of their results. Given this, the book mainly seems geared to those interested in transportation ﬁnance rather than those interested in transportation policy and
Review of Industrial Organization – Springer Journals
Published: Oct 4, 2004
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