Carbon Credits: Who is the Leader of the Pack?

23 Pages Posted: 25 Oct 2011 Last revised: 24 Mar 2015

See all articles by Vicente Medina

Vicente Medina

University of Valencia

Ángel Pardo Tornero

University of Valencia - Department of Financial Economics

Roberto Pascual

Universidad de las Islas Baleares

Date Written: July 1, 2012

Abstract

We provide the first intraday analysis on the contribution to price discovery of two emissions carbon credits: European Union Allowances (EUAs) and Certified Emission Reductions (CERs). We find that EUAs lead price discovery but CERs play a growing role and, therefore, should not be ignored.

Keywords: European Union Allowances, Certified Emission Reductions, co-integration, price-discovery, high frequency data, intraday analysis

JEL Classification: G10

Suggested Citation

Medina, Vicente and Pardo Tornero, Ángel and Pascual Gascó, Roberto, Carbon Credits: Who is the Leader of the Pack? (July 1, 2012). Available at SSRN: https://ssrn.com/abstract=1948779 or http://dx.doi.org/10.2139/ssrn.1948779

Vicente Medina (Contact Author)

University of Valencia ( email )

Avda. de los Naranjos s/n
Valencia, Valencia E-46022
Spain

Ángel Pardo Tornero

University of Valencia - Department of Financial Economics ( email )

Avda. del Tarongers, s/n
46022 Valencia
Spain

Roberto Pascual Gascó

Universidad de las Islas Baleares ( email )

Ctra. de Valldemossa km 7,5
Departamento de Economia y Empresa
Palma, Baleares
Spain
+34 971 17 13 29 (Phone)
+34 971 17 23 89 (Fax)

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