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

Table 4

Statistical description of time-varying hedge ratios of futures contracts with different maturities.

Hedge ratios	Mean	Standard deviation	Maximum	Minimum
ℎ𝑟1	0.8279	0.1036	1.2421	0.4015
ℎ𝑟2	0.8423	0.1045	1.2612	0.4168
ℎ𝑟3	0.8619	0.1050	1.2716	0.4144
ℎ𝑟4	0.9271	0.1097	1.3690	0.4792
ℎ𝑟5	0.9776	0.1200	1.4596	0.4892