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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,...
Persistent link: https://ebvufind01.dmz1.zbw.eu/10013008319
Persistent link: https://ebvufind01.dmz1.zbw.eu/10000933402
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