The Impact of Introduction of Forward Freight Agreement on Spot Market

摘要：

Purpose of this paper is to investigate the impact of introduction of tanker FFA (Forward Freight Agreements) on spot rates,choosing three routes (TD3,TD5 and TD7).This paper applies the Stochastic Volatility (SV) models which consider the factors both Forward Freight Agreements and other economic indices.The parameters of SV models are estimated via the software package BUGS (Bayesian inference using Gibbs Sampling).According to analyze the economic insignificant of parameter in the models,and get the conclusion that there is some impact,introduction of tanker Forward Freight Agreements increasing the volatility of spot rates.

关键词： Tanker FFA Economic Indices Volatility

作者: Xiaoxing Gong Jing Lu

作者单位: Transportation Management CollegeDalian Maritime UniversityDalian,PR China Transportation Management College Dalian Maritime University Dalian,PR China

会议类型: 国际会议

会议名称: 2008 IEEE International Conference on Service Operations and Logistics, and Informatics(IEEE/SOLI’2008)(IEEE服务运作、物流与信息年会)

会议地点: 北京

会议语种:英文

在线出版日期: 2008-10-12（万方平台首次上网日期，不代表论文的发表时间）