FRONT COVER -- INTERNATIONAL FINANCIAL MARKETS -- COPYRIGHT PAGE -- CONTENTS -- ABOUT THE SERIES: FRONTIERS OF ECONOMICS AND GLOBALIZATION -- ABOUT THE EDITORS -- LIST OF CONTRIBUTORS -- PREFACE -- 1 THE INFORMATION VALUE OF EXCESSIVE SPECULATIVE TRADES ON PRICE VOLATILITY IN OIL FUTURES MARKETS -- 1 Introduction -- 2 Literature review -- 3 Methods -- 3.1 The rationale for the speculative ratio: A numerical example -- 3.2 Volatility modeling -- 3.3 Volatility measures -- 4 Data and empirical results -- 5 Conclusion -- References -- 2 THE LEADING ROLE OF THE CHINESE FUTURES IN THE WORLD COMMODITY FUTURES MARKETS -- 1 Introduction -- 2 Methodology -- 3 Data -- 4 Empirical results -- 5 Conclusion -- References -- 3 A GLOBAL CHINESE RENMINBI BOND MARKET: THE DIM SUM BOND MARKET -- 1 Introduction -- 2 Policies that encourage the global use of RMB -- 2.1 RMB bilateral local currency swap programs -- 2.2 Offshore RMB policies -- 3 Dim sum bond market -- 3.1 General characteristics -- 3.2 Landmark issues -- 3.3 Credit ratings -- 3.4 Issuers -- 3.5 Top 25 dim sum bond bookrunners/managers -- 4 Concluding remarks -- References -- 4 INVESTMENT IN THE GLOBAL REAL ESTATE MARKET -- 1 Introduction -- 2 Impact of real estate in the financial crisis of 2008-2009 -- 3 Size of commercial real estate market and forecasts for growth -- 4 General real estate market -- 5 Direct real estate market -- 6 Securitized real estate markets -- 7 Market efficiency in real estate -- 8 Real estate associated with Islamic banking policies -- 9 Conclusion -- References -- 5 SOVEREIGN CREDIT DEFAULT SWAP -- 1 Sovereign credit default swap -- 1.1 History -- 1.2 Major market participants -- 1.3 Trading -- 1.4 Sovereign CDS of emerging economies -- 1.5 Sovereign CDS of the developed countries -- 1.6 Uses of sovereign CDS instrument -- 1.7 Historical trends of sovereign CDS spreads.

1.8 Determinants of sovereign CDS spreads and yield curves -- 2 Price discovery of sovereign CDS -- 2.1 Risk issue -- 3 Conclusion -- References -- 6 MANAGING RISK IN SOVEREIGN BOND PORTFOLIOS: THE IMPACT OF SOVEREIGN AND CALL RISKS ON DURATION -- 1 Introduction -- 2 Empirical methodology -- 3 Data -- 4 Empirical results -- 4.1 Impact of the sovereign and call risks on duration of bonds -- 4.2 Impact of sovereign and call risks on duration of bonds grouped by CDS prices -- 5 Conclusion -- References -- 7 HEAVY-TAILED DISTRIBUTION OF COMMODITY PRICES AND THE EFFECTIVENESS OF VAR MODELS -- 1 Introduction -- 2 The extreme value theory -- 2.1 Theoretical background and hypothesis -- 2.2 EVT estimation methods -- 3 Value-at-risk models -- 3.1 VaR estimations -- 3.2 Measuring out-of-sample performance -- 4 Data -- 5 Results -- 5.1 Preliminary statistics -- 5.2 Tests for types of distribution -- 5.3 Out-of-sample performance of VaR model -- 6 Conclusions -- References -- 8 THE IMPACT OF QUANTITATIVE EASING ON ASSET PRICE COMOVEMENT -- 1 Introduction -- 2 Literature review -- 2.1 Quantitative easing: the programs -- 2.2 Quantitative easing: the outcomes -- 2.3 Quantitative easing: channels of transmission -- 2.4 Market comovement: contagion, fights, and decoupling -- 3 Methodology -- 4 Results -- 4.1 Descriptive statistics -- 4.2 Unconditional comovement -- 4.3 Conditional comovement: crisis only analysis -- 4.4 Conditional comovement: crisis and intervention analysis -- 5 Explaining excess comovement -- 6 Conclusion -- References -- 9 CARBON EMISSIONS TRADING: WHAT IT MEANS FOR INDIVIDUAL INVESTORS -- 1 Introduction -- 2 Literature review and background on carbon emissions and ETNs -- 2.1 ETN characteristics -- 3 Data -- 4 Methods -- 4.1 Volume -- 4.2 Return and volatility correlations -- 4.3 Investor sentiment effect -- 4.4 Volatility analysis.

4.5 Price discovery -- 5 Summary of findings -- References.