Εμφάνιση απλής εγγραφής

dc.contributor.advisorΠολέμης, Διονύσιος
dc.contributor.authorΠαναγιωτόπουλος, Γεώργιος
dc.contributor.authorPanagiotopoulos, George
dc.date.accessioned2017-09-27T10:59:27Z
dc.date.available2017-09-27T10:59:27Z
dc.date.issued2016
dc.identifier.urihttps://dione.lib.unipi.gr/xmlui/handle/unipi/10007
dc.format.extent116el
dc.language.isoenel
dc.publisherΠανεπιστήμιο Πειραιώςel
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Διεθνές*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.titleForward freight agreements & market transparency in the capesize sectorel
dc.typeMaster Thesisel
dc.contributor.departmentΣχολή Ναυτιλίας και Βιομηχανίας. Τμήμα Ναυτιλιακών Σπουδώνel
dc.description.abstractENThe current thesis intends to clarify the connection between the trade of Forward Freight Agreements and its ripple effects in the volatility of the spot freights in the physical market of Capesize vessels. The analysis uses as a tool the GJR-GARCH econometric process to model the volatility of the spot freight rates in the routes C3, C5, C7 and the time charter average index 4TC. A connection with the trading of FFAs is established through the use of dummy variables, while additional factors that affect the whole economy, WTI, Brent and S&P500 Commodity Index, are incorporated into the model with the intention to take into account other variables that may affect volatility in shipping markets. The results may be divided into two processes. In the first process we isolate the effect of the FFAs in the volatility of the spot rates in the physical market of this specific sector. The empirical results for the 4TC and the routes C3 and C5 indicate that FFA led to a rise in the volatility in a small degree however. For the C7 Capesize route, the models produced where insufficient thus the results were of no use. In the second process, the goal was to identify the effect of FFA in the asymmetric response of negative shocks or information to the volatility of the physical market. By dividing the data in pre and post-FFA samples we managed to have substantial results only for the 4TC, as for the voyage routes a comparison was not possible because of insufficient models produced. In the 4TC however, the introduction of the “paper” market had as a result the elimination of the effect of negative past information in the current volatility. That means that FFAs helped the more efficient incorporation of information in the physical market.el
dc.contributor.masterΝαυτιλίαel
dc.subject.keywordForward Freight Agreementsel
dc.subject.keywordCapesizeel
dc.subject.keywordVolatilityel
dc.subject.keywordGJR-GARCHel
dc.subject.keywordFreightel
dc.subject.keywordShipping marketsel
dc.subject.keywordCommoditiesel


Αρχεία σε αυτό το τεκμήριο

Thumbnail

Αυτό το τεκμήριο εμφανίζεται στις ακόλουθες συλλογές

Εμφάνιση απλής εγγραφής

Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές
Εκτός από όπου διευκρινίζεται διαφορετικά, το τεκμήριο διανέμεται με την ακόλουθη άδεια:
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές

Βιβλιοθήκη Πανεπιστημίου Πειραιώς
Επικοινωνήστε μαζί μας
Στείλτε μας τα σχόλιά σας
Created by ELiDOC
Η δημιουργία κι ο εμπλουτισμός του Ιδρυματικού Αποθετηρίου "Διώνη", έγιναν στο πλαίσιο του Έργου «Υπηρεσία Ιδρυματικού Αποθετηρίου και Ψηφιακής Βιβλιοθήκης» της πράξης «Ψηφιακές υπηρεσίες ανοιχτής πρόσβασης της βιβλιοθήκης του Πανεπιστημίου Πειραιώς»