Research Article
Empirical Evidence on Time-Varying Hedging Effectiveness of Emissions Allowances under Departures from the Cost-of-Carry Theory
Table 2
Statistical description of conditional correlation of market noises between spot and futures markets.
| Correlation of market noises | Mean | Standard deviation | Maximum | Minimum |
| | −0.3222 | 0.0987 | 0.0321 | −0.7470 | | −0.3451 | 0.0960 | −0.0291 | −0.7596 | | −0.3704 | 0.0958 | −0.0131 | −0.7662 | | −0.4580 | 0.0937 | −0.1914 | −0.8179 | | −0.5369 | 0.0865 | −0.2759 | −0.8539 |
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