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http://hdl.handle.net/10419/55156
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| Title: | | Disposition in the carbon market and institutional constraints  |
| Authors: | | Vinokur, Leon |
| Issue Date: | | 2009 |
| Series/Report no.: | | Working Paper // School of Economics and Finance, Queen Mary, University of London 652 |
| 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. |
| Subjects: | | carbon market psychological biases institutional constraints |
| JEL: | | G11 G18 D84 Q48 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Paper Series, School of Economics and Finance, Queen Mary, University of London
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