Market efficiency

Operating efficiency

(A)

Time-invariant

Time-varying

(B)

Time-invariant

Time-varying

Dry bulk

0.037

0.012

Dry bulk

0.481

0.362

(0.153)

(0.062)

(0.266)

(0.269)

Tankers

0.002

0.001

Tankers

0.371

0.211

(0.010)

(0.004)

(0.217)

(0.065)

Containers

0.074

0.012

Containers

0.721

0.524

(0.212)

(0.037)

(0.256)

(0.142)

All

0.034

0.012

All

0.431

0.382

(0.142)

(0.052)

(0.253)

(0.214)