Table 7.
The regression result for after adding the above as control variables.
| Short-term component |
Long-term component |
|||||||
|---|---|---|---|---|---|---|---|---|
| Equation (11) |
Equation (12) |
Equation (11) |
Equation (12) |
|||||
| Regression Val | Standard Dev | Regression Val | Standard Dev | Regression Val | Standard Dev | Regression Val | Standard Dev | |
| Infection(-1) | −0.00041*** | 5.12E-05 | −3.96E-05 | 0.00013 | −0.00042*** | 4.47E-05 | −2.98E-06 | 0.00015 |
| Infection(-2) | −0.00042*** | 5.49E-05 | −0.00012 | 0.00010 | −0.00042*** | 4.62E-05 | −1.55E-05 | 0.00011 |
| Infection(-3) | −0.00043*** | 5.94E-05 | −0.00014 | 0.00010 | −0.00041*** | 4.78E-05 | −2.10E-05 | 9.06E-05 |
| Infection(-4) | −0.00043*** | 6.06E-05 | −5.82E-05 | 0.00013 | −0.00040*** | 4.97E-05 | −2.51E-05 | 8.18E-05 |
| Infection(-5) | −0.00044*** | 6.22E-05 | 0.00086*** | 0.00025 | −0.00040*** | 5.17E-05 | −2.88E-05 | 7.65E-05 |
| Infection(-6) | −0.00046*** | 6.67E-05 | 0.00025* | 0.00015 | −0.00039*** | 5.40E-05 | −3.27E-05 | 7.34E-05 |
| Infection(-7) | −0.00047*** | 7.23E-05 | −4.79E-06 | 0.00012 | −0.00039*** | 5.67E-05 | −3.71E-05 | 7.17E-05 |
| BDI(-1) | −309.01*** | 36.53 | 0.22 | 0.68 | −352.30*** | 37.20 | −0.17 | 0.66 |
| BDI(-2) | −318.85*** | 37.30 | −0.13 | 0.69 | −333.96*** | 36.96 | −0.53 | 0.64 |
| BDI(-3) | −332.42*** | 37.99 | −0.43 | 0.70 | −317.31*** | 36.76 | −0.86 | 0.62 |
| BDI(-4) | −344.95*** | 38.50 | −0.79 | 0.71 | −302.14*** | 36.59 | −1.16* | 0.60 |
| BDI(-5) | −354.99*** | 38.80 | −1.20* | 0.72 | −288.25*** | 36.46 | −1.43** | 0.58 |
| BDI(-6) | −358.91*** | 39.02 | −1.67** | 0.72 | −275.46*** | 36.35 | −1.68*** | 0.57 |
| BDI(-7) | −357.50*** | 39.02 | −2.10*** | 0.72 | −263.65*** | 36.27 | −1.91*** | 0.55 |
| Freight(-1) | 1.17*** | 0.044 | 1.22*** | 0.068 | 1.13*** | 0.041 | 0.89*** | 0.072 |
| Freight(-2) | 1.16*** | 0.046 | 1.17*** | 0.070 | 1.10*** | 0.043 | 0.77*** | 0.070 |
| Freight(-3) | 1.14*** | 0.048 | 1.11*** | 0.072 | 1.07*** | 0.045 | 0.67*** | 0.069 |
| Freight(-4) | 1.12*** | 0.050 | 1.04*** | 0.073 | 1.05*** | 0.046 | 0.59*** | 0.067 |
| Freight(-5) | 1.09*** | 0.051 | 0.98*** | 0.074 | 1.01*** | 0.048 | 0.53*** | 0.066 |
| Freight(-6) | 1.06*** | 0.053 | 0.91*** | 0.076 | 0.98*** | 0.049 | 0.48*** | 0.065 |
| Freight(-7) | 1.03*** | 0.055 | 0.84*** | 0.077 | 0.95*** | 0.051 | 0.43*** | 0.064 |
| Brent(-1) | −12.06*** | 2.64 | −19.53*** | 3.31 | −14.96*** | 2.30 | −24.46*** | 2.67 |
| Brent(-2) | −12.60*** | 2.65 | −20.03*** | 3.30 | −15.20*** | 2.30 | −23.67*** | 2.64 |
| Brent(-3) | −13.15*** | 2.66 | −20.76*** | 3.31 | −15.47*** | 2.29 | −23.09*** | 2.61 |
| Brent(-4) | −13.49*** | 2.67 | −21.31*** | 3.32 | −15.75*** | 2.29 | −22.69*** | 2.58 |
| Brent(-5) | −13.72*** | 2.68 | −21.74*** | 3.35 | −16.07*** | 2.28 | −22.46*** | 2.57 |
| Brent(-6) | −13.65*** | 2.70 | −21.24*** | 3.37 | −16.40*** | 2.28 | −22.37*** | 2.57 |
| Brent(-7) | −13.88*** | 2.71 | −21.76*** | 3.41 | −16.77*** | 2.28 | −22.42*** | 2.57 |
| Idle(-1) | 32.86* | 19.53 | 52.37 | 33.73 | 46.84*** | 16.61 | 77.00** | 35.19 |
| Idle(-2) | 37.99** | 19.24 | 61.02* | 31.98 | 49.89*** | 16.35 | 68.23** | 32.04 |
| Idle(-3) | 42.37** | 18.94 | 68.28** | 31.05 | 52.81*** | 16.11 | 62.65** | 29.75 |
| Idle(-4) | 46.40** | 18.63 | 77.44*** | 29.90 | 55.62*** | 15.88 | 58.95** | 28.01 |
| Idle(-5) | 51.34*** | 18.35 | 89.44*** | 29.00 | 58.34*** | 15.68 | 56.47** | 26.64 |
| Idle(-6) | 55.63*** | 18.14 | 96.52*** | 28.00 | 60.99*** | 15.49 | 54.85** | 25.54 |
| Idle(-7) | 59.64*** | 17.97 | 101.99*** | 27.13 | 63.57*** | 15.31 | 53.86** | 24.64 |
| Congestion(-1) | −38.27*** | 5.50 | −28.15*** | 9.65 | −31.39*** | 5.39 | 0.31 | 9.56 |
| Congestion(-2) | −39.85*** | 5.46 | −30.87*** | 8.68 | −34.64*** | 5.30 | −11.45 | 8.46 |
| Congestion(-3) | −41.50*** | 5.42 | −32.69*** | 7.73 | −37.81*** | 5.22 | −19.22** | 7.68 |
| Congestion(-4) | −43.13*** | 5.39 | −34.47*** | 6.99 | −40.91*** | 5.14 | −24.92*** | 7.09 |
| Congestion(-5) | −44.23*** | 5.36 | −35.56*** | 6.45 | −43.94*** | 5.05 | −29.44*** | 6.63 |
| Congestion(-6) | −45.52*** | 5.33 | −37.16*** | 6.09 | −46.92*** | 4.96 | −33.23*** | 6.25 |
| Congestion(-7) | −46.84*** | 5.29 | −39.27*** | 5.82 | −49.85*** | 4.88 | −36.55*** | 5.94 |
| Port calls(-1) | 0.27*** | 0.05 | 0.36*** | 0.08 | 0.35*** | 0.05 | 0.75*** | 0.09 |
| Port calls(-2) | 0.24*** | 0.05 | 0.28*** | 0.08 | 0.33*** | 0.05 | 0.62*** | 0.08 |
| Port calls(-3) | 0.21*** | 0.05 | 0.21*** | 0.07 | 0.31*** | 0.05 | 0.53*** | 0.08 |
| Port calls(-4) | 0.18*** | 0.05 | 0.16** | 0.06 | 0.29*** | 0.05 | 0.48*** | 0.07 |
| Port calls(-5) | 0.15*** | 0.05 | 0.14** | 0.06 | 0.27*** | 0.05 | 0.44*** | 0.07 |
| Port calls(-6) | 0.13** | 0.05 | 0.12* | 0.06 | 0.25*** | 0.05 | 0.41*** | 0.07 |
| Port calls(-7) | 0.12** | 0.05 | 0.10* | 0.06 | 0.24*** | 0.05 | 0.39*** | 0.07 |
| Infection·Freight | −6.67E-07*** | 1.34E-07 | −5.78E-09 | 1.55E-07 | ||||
| Infection·Brent | 3.86E-05*** | 9.87E-06 | 1.88E-05*** | 6.68E-06 | ||||
| Infection·Idle | 0.00044*** | 0.00012 | 0.00051*** | 0.00014 | ||||
| Infection·Congestion | −4.46E-05** | 2.08E-05 | −7.25E-05*** | 1.81E-05 | ||||
| Infection·Port calls | −1.81E-07 | 1.29E-07 | −5.37E-07*** | 1.52E-07 | ||||
| Constant term | 1808.05** | 798.07 | −1064.70 | 1445.76 | 83.63 | 827.54 | −11220.25*** | 1838.12 |
| R2 | 0.88 | 0.89 | 0.92 | 0.95 | ||||
Note: * means rejections of null hypothesis at the 10% significance level, ** indicates rejections of null hypothesis at the 5% significance level, *** means rejections of null hypothesis at the 1% significance level.