This paper aims to compare the effectiveness of constant hedge ratio estimates (obtained through OLS and VECM methods) and time-varying hedge ratio estimates (obtained via M-GARCH method) for future contracts of ISE-30 index of TurkDEX. We use portfolio variance reduction as the measure of...

This study investigates the Granger-causality relationship between real per capita GDP and transportation of EU-15 countries using a panel data set covering the period 1970-2008. Our findings indicate that the dominant type of Granger-causality is bidirectional. Accordingly, we conclude that...