Research Article
Volatility Spillovers in Capesize Forward Freight Agreement Markets
Table 3
Examination results of ADF test.
| | C3 | C4 | C5 | C7 | BCIT/C average | BPI T/C average | BCI T/C |
| ADF test before the crisis | −12.845 | −10.598 | −15.217 | −10.185 | −19.752 | −20.513 | −13.568 | 1% level | −2.568 | −2.568 | −2.568 | −2.568 | −2.568 | −2.568 | −2.568 |
| ADF test after the crisis | −23.274 | −23.119 | −23.711 | −15.734 | −37.776 | −37.268 | −14.528 | 1% level | −2.566 | −2.566 | −2.566 | −2.566 | −2.566 | −2.566 | −2.566 |
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Note: all concomitant probabilities are equal to zero.
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