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

<table>Conditional correlation coefficients between spot and futures with different maturities.</table>

Discrete Dynamics in Nature and Society

Figure 4: Empirical Evidence on Time-Varying Hedging Effectiveness of Emissions Allowances under Departures from the Cost-of-Carry Theory 