Do carrier expectations indicate industry structure in container shipping? An econometric analysis

Journal of Shipping and Trade

Table 4 Adaptive expectations – GMM

Series	Constant	V_t	K_t − 4	Shocks	Wald Test (β = 1)	Centered R-Squared	F-Statistic
Full Sample N = 75
All Trades	0.131 (0.25)	0.134^a (1.78)	0.856^c (11.35)	−0.033 (−1.58)	132.0^c	0.97	334.6^c
ETP	7.337^c (3.50)	0.336^b (2.44)	0.267 (1.15)	0.004 (0.09)	23.4^c	0.75	28.5^c
WTA	1.358 (0.99)	0.190 (1.57)	0.740^c (7.27)	−.081^b (−1.94)	45.1^c	0.82	46.3^c
Pre-Block Exemption (WTA, N = 41)
WTA	−0.606 (−0.32)	−0.078 (− 0.59)	1.115^c (6.49)	− 0.076^a (−1.74)	66.4^c	0.74	23.8^c
Post-Block Exemption (WTA, N = 29)
WTA	4.931^a (1.72)	0.331 (1.37)	0.392^b (1.96)	−0.214^b (− 2.16)	7.7^b	0.65	8.66^c

^aSignificant at the 10% level, ^bsignificant at the 5% level, ^csignificant at the 1% level