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dc.contributor.authorVinokur, Leonen
dc.date.accessioned2012-02-09T14:06:19Z-
dc.date.available2012-02-09T14:06:19Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aQueen Mary University of London, Department of Economics |cLondonen
dc.relation.ispartofseries|aWorking Paper |x652en
dc.subject.jelG11en
dc.subject.jelG18en
dc.subject.jelD84en
dc.subject.jelQ48en
dc.subject.ddc330en
dc.subject.keywordcarbon marketen
dc.subject.keywordpsychological biasesen
dc.subject.keywordinstitutional constraintsen
dc.subject.stwEmissionshandelen
dc.subject.stwKohlendioxiden
dc.subject.stwEmissionsrechteen
dc.subject.stwSpotmarkten
dc.subject.stwEU-Staatenen
dc.titleDisposition in the carbon market and institutional constraints-
dc.typeWorking Paperen
dc.identifier.ppn614243343en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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