Efficiency of European emissions markets: lessons and implications

Article

Krishnamurti, Chandrasekhar and Hoque, Ariful. 2011. "Efficiency of European emissions markets: lessons and implications." Energy Policy. 39 (10), pp. 6575-6582. https://doi.org/10.1016/j.enpol.2011.07.062
Article Title

Efficiency of European emissions markets: lessons and implications

ERA Journal ID32863
Article CategoryArticle
AuthorsKrishnamurti, Chandrasekhar (Author) and Hoque, Ariful (Author)
Journal TitleEnergy Policy
Journal Citation39 (10), pp. 6575-6582
Number of Pages8
Year2011
PublisherElsevier
Place of PublicationOxford, United Kingdom
ISSN0301-4215
1873-6777
Digital Object Identifier (DOI)https://doi.org/10.1016/j.enpol.2011.07.062
Web Address (URL)http://www.sciencedirect.com/science/article/pii/S0301421511005970
Abstract

While prior studies have shown that emission rights and futures contracts on emission rights are efficiently priced, there are no studies on the efficiency of the options market. Therefore, this study fills the gap. We examine empirical evidence regarding the efficiency of the options market for emissions rights in Europe. We employ the put-call parity approach to test the efficiency of options on emission rights traded in the European market. This implies that firms can trade options on emission rights in addition to other existing strategies in order to manage their greenhouse gas emissions.

KeywordsCO2 emission rights options; emissions trading scheme; put-call parity; global warming; greenhouse gases; commerce; energy market
ANZSRC Field of Research 2020380105. Environment and resource economics
410101. Carbon sequestration science
380110. International economics
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Byline AffiliationsSchool of Accounting, Economics and Finance
University of South Australia
Institution of OriginUniversity of Southern Queensland
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Ananthanarayanan, Sandhya, Krishnamurti, Chandrasekhar and Sen, Nilanjan. 2009. "Foreign institutional investors and security returns: evidence from Indian stock exchanges ." 7th INFINITI Conference on International Finance 2009 - Credit Markets, Credit Institutions and Macroeconomic Volatility. Dublin, Ireland 08 - 09 Jun 2009 Dublin, Ireland.
When the going gets tough: board capital and survival of new economy IPO firms
Chancharat, Nongnit, Krishnamurti, Chandrasekhar and Tian, Gary. 2009. "When the going gets tough: board capital and survival of new economy IPO firms." Benson, Karen and Ding, David K. (ed.) Asian FA 2009: New Knowledge...for Finance. Brisbane, Australia 30 Jun - 03 Jul 2009 Brisbane, Australia.
When is two really company?: the effects of competition and regulation on corporate governance
Udayasankar, Krishna, Das, Shobha S. and Krishnamurti, Chandrasekhar. 2008. "When is two really company?: the effects of competition and regulation on corporate governance." 12th New Zealand Finance Colloquium. Palmerston North, New Zealand 14 - 15 Feb 2008 Palmerston North, New Zealand.
Lockup expiration, insider selling and bid-ask spreads
Krishnamurti, Chandrasekhar and Thong, Tiong Yang. 2008. "Lockup expiration, insider selling and bid-ask spreads." International Review of Economics and Finance. 17 (2), pp. 230-244. https://doi.org/10.1016/j.iref.2007.06.005
Calibration of biokinetic model for acetate biodegradation using combined respirometric and titrimetric measurements
Hoque, M. A., Aravinthan, V. and Pradhan, N. M.. 2010. "Calibration of biokinetic model for acetate biodegradation using combined respirometric and titrimetric measurements." Bioresource Technology. 101 (5), pp. 1426-1434. https://doi.org/10.1016/j.biortech.2009.07.012
Order aggressiveness of institutional and individual investors
Duong, Huu Nhan, Kalev, Petko and Krishnamurti, Chandrasekhar. 2009. "Order aggressiveness of institutional and individual investors." Pacific-Basin Finance Journal. 17 (5), pp. 533-546. https://doi.org/10.1016/j.pacfin.2009.05.001
Corporate governance and cost of equity: do financial development and legal origin matter?
Tourani-Rad, Alireza, Gupta, Kartick and Krishnamurti, Chandrasekar. 2010. "Corporate governance and cost of equity: do financial development and legal origin matter?" IGIDR 2010: 1st Emerging Markets Finance Conference. Bombay, India 15 - 16 Dec 2010 Mumbai, India.
Can we decode the messages of activated sludge through the respirograms?
Hoque, Muhammad A., Aravinthan, Vasantha and Pradhan, Nishant M.. 2009. "Can we decode the messages of activated sludge through the respirograms?" Water, Air and Soil Pollution: an international journal of environmental pollution. 9 (5/6), pp. 449-459. https://doi.org/10.1007/s11267-009-9238-6
Modeling volatility in foreign currency option pricing
Hoque, Ariful, Chan, Felix and Manzur, Meher. 2009. "Modeling volatility in foreign currency option pricing." Multinational Finance Journal. 13 (1/2), pp. 181-200.
Efficiency of the foreign currency options market
Hoque, Ariful, Chan, Felix and Manzur, Meher. 2008. "Efficiency of the foreign currency options market." Global Finance Journal. 19 (2), pp. 157-170. https://doi.org/10.1016/j.gfj.2008.02.002
Assessment on activated sludge models for acetate biodegradation under aerobic conditions
Hoque, M. A., Aravinthan, V. and Pradhan, N. M.. 2009. "Assessment on activated sludge models for acetate biodegradation under aerobic conditions." Water Science and Technology. 60 (4), pp. 983-994. https://doi.org/10.2166/wst.2009.446
Evaluation of simultaneous storage and growth model to explain aerobic biodegradation of acetate
Hoque, M. A., Aravinthan, V. and Pradhan, N. M.. 2008. "Evaluation of simultaneous storage and growth model to explain aerobic biodegradation of acetate." ISBT 2008: 1st International Society of BioTechnology Conference. Gangtok, India 28 - 30 Dec 2008 Indore, India.
Respirometric and titrimetric techniques for monitoring aerobic biodegradation of surfactant
Hoque, M. A., Aravinthan, V. and Porter, M.. 2008. "Respirometric and titrimetric techniques for monitoring aerobic biodegradation of surfactant." ISBT 2008: 1st International Society of BioTechnology Conference. Gangtok, India 28 - 30 Dec 2008 Indore, India.