This article is concerned with the hedging effectiveness of futures contracts whose underlying asset is an index, when the structure of this index is changing. The case of the freight futures (BIFFEX) contract is examined here. Investigation of this issue is particularly interesting as the...

The aim of this paper is to investigate the behaviour of water transportation company stock returns in the U.S. stock exchanges from 1985 to 1994 in order to determine whether the systematic risk of this industry is different from that of the 'average' company in the market, whether it has...

This paper performs unit root tests using panel data to investigate empirically stock price efficiency of the Athens stock market. Our Wald test statistics reject the random walk hypothesis for stock prices, which is a necessary condition for market efficiency

The aim of this paper is to estimate an empirical model of bilateral dry-cargo seaborne import flows in the international economy. Seaborne trade elasticities are estimated for the first time, utilizing the Constant Ratio of Elasticities of Substitution Homogeneous/Homothetic (CRESH) function, a...