000			01488nab a2200217 4500
005			20260520000805.0
008			260224s2009 xxu
245	0	0	_aRisk aversion and institutional information disclosure on the European carbon market _bA case-study of the 2006 compliance event
260			_a _b _cene. 2009
270			_a26/02/2009 ; 26/02/2009
300			_a13 p. ; 15-28
520			_aTranscripción del resúmen publicado por el autor: This article evaluates the impact of the 2006 compliance event on changes in investors’ risk aversion on the European carbon market using the newly available option prices dataset. Thus, we aim at capturing the specific event that occurred on April 2007 as the European Commission disclosed the 2006 verified emissions data. Following the methodology existing for stock indices, we recover empirically risk aversion adjustments on the period 2006–2007 by estimating first the risk-neutral distribution from option prices and second the actual distribution from futures on the European Climate Exchange. Our results show evidence of a dramatic change in the market perception of risk around the 2006 yearly compliance event that has not been assessed yet.
581			_a1
773	0		_tEnergy Policy _g37
942			_cARTICULO
100	1		_aChevallier, Julien _940410
100	1		_aIelpo, Florian _940411
100	1		_aMercier, Ludovic _940412
650		0	_aPrecios _99526
999			_c169142 _d169142