This study provides the first empirical investigation of informational efficiency for the Chicago Climate Exchange. Using daily settlement price and trading volume data for the Carbon Financial Instruments, we conduct a battery of econometric tests in assessing weak-form market efficiency for...

This study aims to provide one of the first empirical investigations of market efficiency for developed markets during the recent global financial crisis. Using the Morgan Stanley Capital International (MSCI) country indices as proxies for national stock markets, the study conducts a battery of...