The forward pricing function of the shipping freight futures market

Article Abstract:

A study has been conducted to investigate the possible trend of futures contract price during trading in the futures and forward markets. The unbiased expectations hypothesis contends that the price of a futures contract, prior to maturity, can be an unbiased predictor of the spot price on the maturity day of the contract. Based on the findings of the study, market participants can take advantage by receiving accurate signals from futures prices to be used when making market decisions.

Securities & Commodities Exchanges, Securities and Commodity Exchanges, Security and commodity exchanges, Freight Transportation Arrangement, Freight Forwarders, Forecasts and trends, Futures market, Futures markets, Stock index futures

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Cointegration, unbiased expectations, and forecasting in the BIFFEX freight futures market

Article Abstract:

Issues are presented concerning the use of cointegration econometrics to investigate the relationship between futures prices and freight cash. The unbiased nature of the BIFFEX futures market is discussed.

Econometrics

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Futures hedging when the structure of the underlying asset changes; the case of the BIFFEX contract

Article Abstract:

Issues are presented concerning the effectiveness of the Baltic International Freight Futures Exchange in terms of risk management. The restructuring of the index in November 1999 is discussed.

Prices, Prices and rates, Risk management, Shipping industry

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