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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机译:iExport Australia-为出口商提供以下服务的在线平台/应用程序:出口电子商务出口拍卖在线与服务提供商进行出口相关的服务请求和投标与服务提供商的集成与货运和货运的报价集成到政府机构和海关/边境的在线文件和电子提交澳大利亚– EDI / Web Services与GS1集成在一起,用于对出口工作台进行编号和条形码编码,以管理每个出口的所有与出口,交货和银行有关的任务出口相关的潜在客户和联系人管理出口市场AI和工具