2014
DOI: 10.1016/j.irfa.2014.03.003
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A microstructure analysis of the carbon finance market

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Cited by 52 publications
(27 citation statements)
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References 25 publications
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“…Our analysis covers the complete history of the EU ETS Phases 1, 2, and 3, rather than the predominantly pilot based focus of the previous studies. During Phase 2 in which the market matured quite considerably (see Bredin et al, 2014;Chen et al, 2017), we find no evidence of portfolio diversification benefits. We also conduct a series of sensitivity analysis using mean-variance spanning tests (Huberman and Kandel, 1987;Kan and Zhou, 2012).…”
Section: Discussioncontrasting
confidence: 55%
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“…Our analysis covers the complete history of the EU ETS Phases 1, 2, and 3, rather than the predominantly pilot based focus of the previous studies. During Phase 2 in which the market matured quite considerably (see Bredin et al, 2014;Chen et al, 2017), we find no evidence of portfolio diversification benefits. We also conduct a series of sensitivity analysis using mean-variance spanning tests (Huberman and Kandel, 1987;Kan and Zhou, 2012).…”
Section: Discussioncontrasting
confidence: 55%
“…We find consistent evidence of portfolio diversification benefits from carbon; however, only for short sales and only for Phase 1. During Phase 2 in which the market matured quite considerably (see Bredin et al, 2014;Chen et al, 2017), we find no evidence of portfolio diversification benefits.…”
Section: Discussioncontrasting
confidence: 55%
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“…Crocker [61] and Gangadharan [62] laid the theoretical foundation for emission permits trading. Moreover, comprehensive studies and discussion regarding various aspects of carbon emission include climate change [63][64][65][66], carbon finance [67,68], carbon tax [69,70], carbon pricing [71,72], policy [73,74], politics [75] and law [76], etc. Carbon markets, designed to make polluters pay and reduce emissions, are more common than ever, in spite of structural flaws and several serious economic drawbacks that occurred during the evolution process.…”
Section: Absence Of a Functional Carbon-trading Marketmentioning
confidence: 99%
“…China, following the development in Europe of an emission trading scheme (ETS), has established its own ETS, which raises important questions about carbon financing and carbon pricing. Bredin, Hyde, and Muckley (2014), for example, study the European carbon finance market using high-frequency data and investigate the role of market microstructure. Kanamura (2016) examines the role of carbon swaps.…”
Section: Green Finance and Investmentmentioning
confidence: 99%