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

Note: all concomitant probabilities are equal to zero.