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dc.contributor.authorVinokur, Leonen_US
dc.date.accessioned2012-02-09T14:06:19Z-
dc.date.available2012-02-09T14:06:19Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/55156-
dc.description.abstractThis 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.en_US
dc.language.isoengen_US
dc.publisherQueen Mary, Univ. of London, School of Economics and Finance Londonen_US
dc.relation.ispartofseriesWorking Paper // School of Economics and Finance, Queen Mary, University of London 652en_US
dc.subject.jelG11en_US
dc.subject.jelG18en_US
dc.subject.jelD84en_US
dc.subject.jelQ48en_US
dc.subject.ddc330en_US
dc.subject.keywordcarbon marketen_US
dc.subject.keywordpsychological biasesen_US
dc.subject.keywordinstitutional constraintsen_US
dc.subject.stwEmissionshandelen_US
dc.subject.stwKohlendioxiden_US
dc.subject.stwEmissionsrechteen_US
dc.subject.stwSpotmarkten_US
dc.subject.stwEU-Staatenen_US
dc.titleDisposition in the carbon market and institutional constraintsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn614243343en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Paper Series, School of Economics and Finance, Queen Mary, University of London

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