کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7427375 | 1482973 | 2018 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Explaining price differences between physical and derivative freight contracts
ترجمه فارسی عنوان
توضیح تفاوت قیمت در قراردادهای حمل و نقل فیزیکی و مشتق شده
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
چکیده انگلیسی
Physical time-charters (TC) and Forward Freight Agreements (FFAs) represent two hedging approaches that differ in terms of risks and physical access to transportation. We investigate the determinants of the time-varying TC-FFA freight rate differential in the dry bulk market. We find that TC and FFA prices are co-integrated but TC rates are generally priced higher than FFAs. The differential is explained by the level and slope of the term structure, a measure of economic condition and default risk as well as vessel specifications and contractual terms. Finally, the TC-FFA differential is related to default risk premium and the potential convenience yield.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Transportation Research Part E: Logistics and Transportation Review - Volume 118, October 2018, Pages 20-33
Journal: Transportation Research Part E: Logistics and Transportation Review - Volume 118, October 2018, Pages 20-33
نویسندگان
Roar Adland, Amir H. Alizadeh,