We examine the world's largest carbon exchange, ICE's ECX, by applying Chordia et al.'s (2008) conception of short-horizon return predictability as an inverse indicator of market efficiency. We find a strong relationship between liquidity and market efficiency such that when spreads narrow,...

We investigate trading activity and liquidity effects of methods of payment on the stock prices of acquiring firms around private firm acquisition announcements. We find significant rises in trading activity around acquisition announcement dates irrespective of the payment method used; however,...

Research on electricity futures markets has to date not explored the role that market liquidity may play in determining risk premia. Further, no detailed empirical examination of both liquidity and risk premia in the New Zealand electricity futures market are discernible. Using data from October...