Initial public offerings in the port industry: exploring the determinants of underpricing

The capital-intensive nature of the port industry and the long payback period of port investments traditionally determine high financial needs for operating the business. Due to the growing financial requirements for developing greenfield mega-projects and feeding international terminal operators’ overseas expansion, equity markets are expected to extend their role in promoting the industry. In this perspective, the underpricing phenomenon, which represents a direct cost for the issuer during initial public offering (IPO) and discourages companies from going public, is neglected by port literature. The paper explores the antecedents of IPO underpricing in ports. Building upon extant finance and port literature, firm characteristics, transaction features, and country-specific variables are tested as determinants of IPOs’ initial returns. For the aim of this study, 58 port-related IPOs taking place on international stock exchanges are examined, and ordinary least squares regression analysis is performed. The study offers unprecedented understandings of the phenomenon and supports port managers in facing financial challenges. Before launching the IPO, financial executives are invited to carefully identify time-window opportunities, and to monitor underwriters’ reputation when selecting financial partners. Findings bring insights for policymakers, as the public listing of port companies emerges a viable option for implementing port reform.     

Intermodal transport in freight distribution: a literature review

There has been significant growth in research on intermodal transport in freight distribution since the 1990s. Differentiating itself from previously published literature reviews, this paper evaluates the current state of this research using Systematic Literature Review methodology. The complementary aims are: (a) to identify the research lines developed and to propose a criterion for classifying the literature, and (b) to discuss the empirical evidence that identifies existing interrelationships. The analysis has enabled three main lines of research to be identified. The first research line, basic principles of intermodal transport, groups together works related to the definition of intermodal transport and the results obtained using this transportation system. The second, improvements to the way that intermodal transport systems work, frames elements and variables that impact intermodal transport systems’ logistics efficiency, such as quality of service, information and communication systems, and freight planning and linkages among system operators to provide an adequate service. Finally, the third line, intermodal transport system modelling, identifies the main variables used to optimise these transport systems, the different focuses and approaches used in modelling, and the advantages and disadvantages of each focus. These research lines take in more specific sublines that incorporate articles that develop related research questions. Lastly, the discussion of the content of each of these research sublines enables us to identify gaps in the literature and comment on directions for future research.     

Genetics of traffic assignment models for strategic transport planning

This paper presents a review and classification of traffic assignment models for strategic transport planning purposes by using concepts analogous to genetics in biology. Traffic assignment models share the same theoretical framework (DNA), but differ in capability (genes). We argue that all traffic assignment models can be described by three genes. The first gene determines the spatial capability (unrestricted, capacity restrained, capacity constrained, and capacity and storage constrained) described by four spatial assumptions (shape of the fundamental diagram, capacity constraints, storage constraints, and turn flow restrictions). The second gene determines the temporal capability (static, semi-dynamic, and dynamic) described by three temporal assumptions (wave speeds, vehicle propagation speeds, and residual traffic transfer). The third gene determines the behavioural capability (all-or-nothing, one shot, and equilibrium) described by two behavioural assumptions (decision-making and travel time consideration). This classification provides a deeper understanding of the often implicit assumptions made in traffic assignment models described in the literature. It further allows for comparing different models in terms of functionality, and paves the way for developing novel traffic assignment models.     

Estimating potential reductions in externalities from rail-road substitution in Trans-European freight transport corridors

This paper develops a method for analysing and estimating savings in externalities that could be achieved by substituting truck with rail freight services in a given Trans-European freight transport corridor. The externalities affected include energy consumption, emissions of greenhouse gases, noise, congestion, and traffic incidents/accidents. The European Commission transport policy aims to provide an institutional framework for the medium- to long-term sustainable development of the transport sector. An important aspect of this policy is to stimulating the modal shift from truck to rail freight transport in inland Trans-European corridors.     

甩挂运输半挂车电子标识技术研究

针对现阶段的道路运输远程监控体系中无法识别半挂车的身份与特征信息的问题,通过对甩挂运输企业、站(场)、整车生产企业进行广泛调研,文中提出了基于RFID无线射频技术的甩挂运输半挂车身份电子标识技术要求,分析了电子标识具体技术参数的限值范围,为规范甩挂运输半挂车身份电子标识的发展提供了技术支撑。     

Factors influencing travel mode choice among families with young children (aged 0–4): a review of the literature

Life events, such as the birth of a child, disrupt habitual travel behaviour and provide a valuable opportunity to influence the adoption of sustainable transport practices. However, in order for sustainable travel practices to be adopted, an understanding is required of the factors that influence travel mode choice among families with young children. Research in this field is particularly timely given many in the millennial generation, a comparably large cohort, are approaching this life stage. This comprehensive literature review develops a framework of factors influencing travel mode choice among families with young children. The findings reveal a multitude of factors influence decisions about mode choice, and, in particular, encourage travel by car, when travelling with young children. The paper concludes with an agenda for future research about travel among families with young children, a largely overlooked group of transport users.     

An ontology-based framework to support performance monitoring in public transport systems

Managers of public transport systems have been facing for years the strategic challenge of maintaining high quality of transport services to improve the mobility of citizens, while reducing costs and ensuring safety and low environmental impact. A well-established way to evaluate the performance achieved by the system or by specific activities is to monitor Key Performance Indicators (KPI). However, existing management systems, which refer to flexible yet large and complex data models, provide a limited support to define and select relevant KPIs for the objectives at hand, and even the identification of whether and how the data model is capable to achieve a certain informative need is a critical and time-consuming task. This work is aimed to propose a framework to ease the development of a monitoring system in the public transport domain. The approach is based on the ontological representation of all the knowledge regarding indicators and their formulas, business objectives, dimension analysis and their relation with the Transmodel, the European reference data model for public transport information systems. On its top, a reasoning framework provides logic functionalities to interactively support designers in a set of common design tasks: the choice of the most suitable indicators for the performance monitoring needs at hand, the definition of new indicators and the identification of the minimal set of Transmodel modules needed to calculate them. A case study is included to discuss these applications, while an evaluation shows the feasibility of the approach.     

Simulating ad-hoc demand-responsive transportation: a comparison of three approaches

Transport models are used to evaluate new infrastructure and public transport services, varied levels of demand, and new ideas for demand management. Exploring these proposals virtually is easier than implementation and testing in situ. However, existing models are based around traditional forms of transportation. As part of a feature analysis using a case study approach, three different simulation packages (a simple custom-developed package, traffic microsimulation, and agent-based simulation) are used to develop and demonstrate simulations of demand-responsive transportation (DRT) and analyze the advantages and disadvantages of each simulation approach for evaluating DRT. While the simulations display some relational replication (meaning they produce similar relational patterns with respect to certain variables), they do not show distributional replication (that is, the value of the results is not statistically similar), meaning that under- or over-estimation of predicted travel could occur. Recommendations for the application of each modeling approach are made.     

Port privatization under Cournot vs. Bertrand competition: a third-market approach

By incorporating port competition into a third-market model consisting of two exporting firms and one importing country, we demonstrate the endogenous choice of port structures (i.e. privatization or public ownership) under either Bertrand or Cournot competition. In contrast to previous studies on port competition, we analyze the port strategy in view of all trading countries (i.e. importing country and exporting countries). We find that regardless of transport cost, the port ownership strategy alters according to exporting firm’s competition mode. Under Bertrand competition, the choice of port ownership structure depends on the degree of imperfect substitutability. However, under Cournot competition, all trading countries choose same ownership structures of each port. By comparing equilibrium of each competition mode, we show that welfare of exporting country under Cournot competition is higher than under Bertrand competition if goods are sufficiently substitutes. In contrast, importing country prefers Bertrand competition to Cournot competition when the competitive pressure is sufficiently high.