The European Union Emissions Trading Scheme (EU ETS) is the first and largest international scheme for the trading of greenhouse gas emission allowances (European Union Allowances (EUA)). Considering that the global economic crisis is hurting corporate profits, analysing the implications of CO₂...

This article provides evidence of a common bias found in traditional timing models, which is related with a negative correlation between timing and stock-picking abilities resulting in spurious coefficients. We consider as a possible cause for this bias the failure to include in the timing...

In this article, we examine whether traditional linear models are suitable to assess financial samples, because financial data usually present nonnormality or nonlinear patterns, therefore linear models do not always adequately capture them. For this reason, as returns series usually follow...