@techreport{Vinokur2009Disposition,
abstract = {This paper investigates the impact of banking and submission constraints, set by the EU Emission Trading Scheme, on the efficiency of the carbon permits spot market using intra-daily data. My aim is to identify whether there is a Disposition effect in the spot market. I will examine a data set that includes spot prices for the First and Second Phases of the Scheme from 24 June 2005 to 07 August 2009. I find that the Disposition effect is significantly high at the beginning of each Phase and decreases close to the first compliance event. In the light of these results I propose a lifting of the ban on banking between Phases and an increased emissions information disclosure in order to increase the efficiency of the Scheme.},
address = {London},
author = {Leon Vinokur},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {G11; G18; D84; Q48; 330; carbon market; psychological biases; institutional constraints; Emissionshandel; Kohlendioxid; Emissionsrechte; Spotmarkt; EU-Staaten},
language = {eng},
number = {652},
publisher = {Queen Mary, Univ. of London, School of Economics and Finance},
title = {Disposition in the carbon market and institutional constraints},
type = {Working Paper // School of Economics and Finance, Queen Mary, University of London},
url = {http://hdl.handle.net/10419/55156},
year = {2009}
}
