Liquidity effects and FFA returns in the international shipping derivatives market
The study examines the impact of liquidity risk on freight derivatives returns. The Amihud liquidity ratio and bid–ask spreads are utilized to assess the existence of liquidity risk in the freight derivatives market. Other macroeconomic variables are used to control for market risk. Results indicate that liquidity risk is priced and both liquidity measures have a significant role in determining freight derivatives returns. The results have important implications for modeling freight derivatives, and consequently, for trading and risk management purposes.
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Annual PhD Student Presentations at the ICMA Centre
Doctoral researchers and academics at the ICMA Centre were especially busy this week with the annual PhD presentations taking place on Thursday and Friday. Each year, every doctoral researcher in the ICMA Centre provides an outline of the progress they have made in 20 minute conference-style presentations moderated and assessed by academic faculty and followed up by lively discussions and suggestions for improvements made by peers.
New partnership with the Association of Corporate Treasurers
The ICMA Centre is proud to announce a new partnership with the Association of Corporate Treasurers (ACT).
ICMA Centre alumni come up trumps for future Greek students
Two alumni of the ICMA Centre, University of Reading have showed their belief in the Centre and established the Solidus Securities SA Scholarship for Greek students.