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...

This study aims to investigate the cross-sectional and time-series dynamics of realized Certified Emission Reduction (CER) credits issued and the role of investments for a seminal sample of China's Clean Development Mechanism (CDM) projects specializing in the wind sector. The study investigates...

This study provides an empirical investigation of the price volatility—trading volume relationship for the Carbon Financial Instrument (CFI). A CFI is a financial contract that is traded on the Chicago Climate Exchange (CCX) and represents the right to emit 100 metric tons of CO<Subscript>2</Subscript> equivalent....</subscript>

The Clean Development Mechanism (CDM) is a mechanism defined in the Kyoto protocol that incentivizes parties to the protocol to fund sustainable development projects in countries that are not party to the protocol. We analyze a target contract financing structure for different CDM projects in...