Haigh, Michael S.; Nomikos, Nikos K.; Bessler, David A. - In: Southern Economic Journal 71 (2004) 1, pp. 145-162
Using directed acyclic graphs (DAGs) and error correction models, we study the dynamics of freight prices that comprise the Baltic Panamax Index (BPI), the index on which freight futures trading was based. The DAGs are used to make statements about the contemporaneous correlations between prices...