Pinho, Carlos; Madaleno, Mara - In: International Journal of Global Energy Issues 35 (2011) 2/3/4, pp. 101-131
This paper discusses the relation of spot and futures CO<SUB align="right"><SMALL>2</SMALL></SUB> allowances, used to model and test forward premium and convenience yield (CY) concepts during 2005-2011. We analyse allowances futures from an ex-post perspective and find positive forward premia for both Phase I and Phase II and for...</small></sub>
