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We report new evidence that speculation in energy and precious metal futures are more prevalent in crisis periods and … is strongly and often non-linearly associated with speculation across instruments …
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In this paper, we attempt to examine the speculative efficiency hypothesis on CO2 emission allowance prices negotiated on Bluenext, by testing the relationship between futures and spot prices from the Fama (1970) framework. This approach is based on the joint hypothesis of no risk premium and...
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