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Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/3013
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dc.contributor.authorMontagnoli, Albertoen_UK
dc.contributor.authorde Vries, Fransen_UK
dc.date.accessioned2013-06-08T21:00:11Z-
dc.date.available2013-06-08T21:00:11Z-
dc.date.issued2010-11en_UK
dc.identifier.urihttp://hdl.handle.net/1893/3013-
dc.description.abstractThis note tests for the efficient market hypothesis (EMH) in the market for CO2 emission allowances in Phase I and Phase II of the European Union Emissions Trading Scheme (EU ETS). As usually is the case in emerging and non-competitive markets such as the EU ETS, trading often not occurs on a frequent basis. This has adverse implications for both the gains from permit trade as well as biases the EMH tests. Variance ratio tests are employed to adjust for the thin trading effect. The results indicate that Phase I –the trial and learning period– was inefficient, whereas the first period under Phase II shows signs of restoring market efficiency.en_UK
dc.language.isoenen_UK
dc.publisherElsevieren_UK
dc.relationMontagnoli A & de Vries F (2010) Carbon trading thickness and market efficiency. Energy Economics, 32 (6), pp. 1331-1336. http://www.sciencedirect.com/science/journal/01409883; https://doi.org/10.1016/j.eneco.2010.04.001en_UK
dc.rightsPublished in Energy Economics by Elsevier. Energy Economics, Volume 32, Issue 6, November 2010, pp. 1331 - 1336.; This is the peer reviewed version of this article.; NOTICE: this is the author’s version of a work that was accepted for publication in Energy Economics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Energy Economics, VOL 32, ISSUE 6, (November 2010). DOI 10.1016/j.eneco.2010.04.001.en_UK
dc.subjectcarbon tradingen_UK
dc.subjectefficient market hypothesisen_UK
dc.subjectthin tradingen_UK
dc.subjectvariance ratio testsen_UK
dc.subjectEU ETSen_UK
dc.subjectPollution Environmental aspectsen_UK
dc.subjectEnvironmental impact charges Great Britainen_UK
dc.subjectTaxation Great Britain Environmental aspectsen_UK
dc.titleCarbon trading thickness and market efficiencyen_UK
dc.typeJournal Articleen_UK
dc.identifier.doi10.1016/j.eneco.2010.04.001en_UK
dc.citation.jtitleEnergy Economicsen_UK
dc.citation.issn0140-9883en_UK
dc.citation.volume32en_UK
dc.citation.issue6en_UK
dc.citation.spage1331en_UK
dc.citation.epage1336en_UK
dc.citation.publicationstatusPublisheden_UK
dc.citation.peerreviewedRefereeden_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.identifier.urlhttp://www.sciencedirect.com/science/journal/01409883en_UK
dc.author.emailf.p.devries@stir.ac.uken_UK
dc.contributor.affiliationEconomicsen_UK
dc.contributor.affiliationEconomicsen_UK
dc.identifier.isiWOS:000285218400015en_UK
dc.identifier.scopusid2-s2.0-78149414201en_UK
dc.identifier.wtid827778en_UK
dc.contributor.orcid0000-0003-0462-5035en_UK
dcterms.dateAccepted2010-11-30en_UK
dc.date.filedepositdate2011-05-11en_UK
rioxxterms.typeJournal Article/Reviewen_UK
rioxxterms.versionAMen_UK
local.rioxx.authorMontagnoli, Alberto|en_UK
local.rioxx.authorde Vries, Frans|0000-0003-0462-5035en_UK
local.rioxx.projectInternal Project|University of Stirling|https://isni.org/isni/0000000122484331en_UK
local.rioxx.freetoreaddate2011-05-11en_UK
local.rioxx.licencehttp://www.rioxx.net/licenses/all-rights-reserved|2011-05-11|en_UK
local.rioxx.filenameCarbon trading thickness and market efficiency.pdfen_UK
local.rioxx.filecount1en_UK
local.rioxx.source0140-9883en_UK
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