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

<table>Time-varying hedge ratios of futures contracts with different maturities.</table>

Discrete Dynamics in Nature and Society

Figure 5: Empirical Evidence on Time-Varying Hedging Effectiveness of Emissions Allowances under Departures from the Cost-of-Carry Theory 