Replication data for: Time to Build and Fluctuations in Bulk Shipping

This paper explores the nature of fluctuations in world bulk shipping
by quantifying the impact of time to build and demand uncertainty on
investment and prices. We examine the impact of both construction
lags and their lengthening in periods of high investment activity, by
constructing a dynamic model of ship entry and exit. A rich dataset
of secondhand ship sales allows for a new estimation strategy: resale
prices provide direct information on value functions and allow their
nonparametric estimation. We find that moving from time-varying
to constant to no time to build reduces prices, while significantly
increasing both the level and volatility of investment.