دانلود مقاله ISI انگلیسی شماره 101670
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
101670 2017 23 صفحه PDF سفارش دهید 18366 کلمه
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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Economic information transmissions and liquidity between shipping markets: New evidence from freight derivatives
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Transportation Research Part E: Logistics and Transportation Review, Volume 98, February 2017, Pages 82-104

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چکیده انگلیسی

Economic return and volatility spillovers of derivatives markets on a number of assets have been extensively examined in the general economics literature. However, there are only a limited number of studies that investigate such interactions between freight rates and the freight futures, and no studies that also consider potential linkages with freight options. This study fills this gap by investigating the economic spillovers between time-charter rates, freight futures and freight options prices in the dry-bulk sector of the international shipping industry. Empirical results indicate the existence of significant information transmission in both returns and volatilities between the three related markets, which we attribute to varying trading activity and market liquidity. The results also point out that, consistent with theory, the freight futures market informationally leads the freight rate market, though surprisingly, freight options lag behind both futures and physical freight rates. The documented three-way economic interactions between the related markets can be used to enhance budget planning and risk management strategies, potentially attract more investors, and thus, improve the liquidity of the freight derivatives market.

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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.