Volatility Spillovers in Capesize Forward Freight Agreement Markets

Table 2

The statistic characters of returns.

	C3	C4	C5	C7	BCIT/C average	BPIT/C average	BCI T/C
Before 2008 financial crisis
Mean	0.001	0.001	0.001	0.001	0.001	0.001	0.001
Median	0.002	0	0.001	0.001	0.001	0	0.003
Max	0.078	0.188	0.179	0.199	0.247	0.201	0.146
Min	−0.106	−0.205	−0.244	−0.212	−0.169	−0.122	−0.168
SD	0.018	0.026	0.027	0.022	0.027	0.02	0.029
Skewness	−1.229	−0.207	−1.075	−0.226	1.164	1.596	−0.558
kurtosis	10.504	15.143	18.439	27.996	23.204	26.792	7.939
J-B	1727.638	4090.186	6732.894	17318.23	11461.21	15966.5	710.299
After 2008 financial crisis
Mean	−0.001	−0.001	−0.001	−0.001	−0.002	−0.001	−0.002
Median	−0.001	−0.001	0	−0.001	−0.003	−0.001	−0.006
Max	0.36	0.251	0.343	0.294	0.678	0.725	0.352
Min	−0.452	−0.304	−0.308	−0.277	−0.975	−0.594	−0.342
SD	0.03	0.029	0.031	0.031	0.081	0.055	0.063
Skewness	−1.471	−0.749	−0.558	−0.436	0.413	0.204	0.639
kurtosis	57.683	27.893	31.426	29.762	31.941	47.374	7.382
J-B	227287.1	47135.22	61335.43	54340.21	63531.48	149248.2	1579.396

Note: SD is standard deviation; J-B is Jarque-Bera statistic.