Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/28010
Authors: 
Rotfuß, Waldemar
Conrad, Christian
Rittler, Daniel
Year of Publication: 
2009
Series/Report no.: 
ZEW Discussion Papers 09-045
Abstract: 
This paper empirically examines price formation in the European Union Emissions Trading Scheme (EU ETS). Our analysis shows that unexpected allocations of European Union Allowances (EUAs) lead to pronounced price reactions of the expected signs. Moreover, we find evidence that the adjustment of EUA prices to the European Commission's decisions on second National Allocation Plans (NAPs) is not instantaneous, but takes up to six hours after the decision announcement.
Subjects: 
EU ETS
price formation
European Union Allowance (EUA)
European Commission
JEL: 
G13
G14
G15
G17
G19
Q4
Q5
Document Type: 
Working Paper

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