Empirical Evidence on Time-Varying Hedging Effectiveness of Emissions Allowances under Departures from the Cost-of-Carry Theory

Table 3

Statistical description of conditional correlation coefficients between spot and futures with different maturities.

Conditional correlation	Mean	Standard deviation	Maximum	Minimum
𝑐𝑟1	0.8142	0.0766	0.8916	0.3935
𝑐𝑟2	0.8155	0.0764	0.8927	0.3997
𝑐𝑟3	0.8193	0.0758	0.8951	0.3942
𝑐𝑟4	0.8275	0.0738	0.8989	0.4062
𝑐𝑟5	0.8235	0.0747	0.8962	0.4003