hrcak mascot   Srce   HID

Izvorni znanstveni članak
https://doi.org/10.13044/j.sdewes.2014.02.0026

Testing Informational Efficiency in the EU ETS

Sebastian Goers ; Energy Institute at the Johannes Kepler University, Linz, Austria Department of Energy Economics

Puni tekst: engleski, pdf (703 KB) str. 319-330 preuzimanja: 243* citiraj
APA 6th Edition
Goers, S. (2014). Testing Informational Efficiency in the EU ETS. Journal of Sustainable Development of Energy, Water and Environment Systems, 2 (4), 319-330. https://doi.org/10.13044/j.sdewes.2014.02.0026
MLA 8th Edition
Goers, Sebastian. "Testing Informational Efficiency in the EU ETS." Journal of Sustainable Development of Energy, Water and Environment Systems, vol. 2, br. 4, 2014, str. 319-330. https://doi.org/10.13044/j.sdewes.2014.02.0026. Citirano 28.07.2021.
Chicago 17th Edition
Goers, Sebastian. "Testing Informational Efficiency in the EU ETS." Journal of Sustainable Development of Energy, Water and Environment Systems 2, br. 4 (2014): 319-330. https://doi.org/10.13044/j.sdewes.2014.02.0026
Harvard
Goers, S. (2014). 'Testing Informational Efficiency in the EU ETS', Journal of Sustainable Development of Energy, Water and Environment Systems, 2(4), str. 319-330. https://doi.org/10.13044/j.sdewes.2014.02.0026
Vancouver
Goers S. Testing Informational Efficiency in the EU ETS. Journal of Sustainable Development of Energy, Water and Environment Systems [Internet]. 2014 [pristupljeno 28.07.2021.];2(4):319-330. https://doi.org/10.13044/j.sdewes.2014.02.0026
IEEE
S. Goers, "Testing Informational Efficiency in the EU ETS", Journal of Sustainable Development of Energy, Water and Environment Systems, vol.2, br. 4, str. 319-330, 2014. [Online]. https://doi.org/10.13044/j.sdewes.2014.02.0026

Sažetak
The paper deals with the analysis of informational efficiency of the European emissions trading scheme (EU ETS) with the goal of stating whether or not the system has been able to achieve its proclaimed cost-efficiency within the first two trading periods. The efficient market hypothesis suggests that profiting from predicting price behaviour is difficult as the market price should incorporate all available information at any time. I analyse the EU emission market to see if it shows evidence of the weak form of informational efficiency. In order to analyse the weak form of informational efficiency assessments I analyse random walk properties such as, the unit root, autocorrelation and variance ratio tests. The results reveal the existence of informational efficiency only in the second trading period.

Ključne riječi
European emissions trading scheme; Informational efficiency; Efficient market hypothesis; Random walk theory; Unit root tests; Autocorrelation; Variance ratio tests

Hrčak ID: 127753

URI
https://hrcak.srce.hr/127753

Posjeta: 682 *