The inconvenience yield of carbon futures
研究了2009年以来欧洲碳期货市场持续升水（远期溢价）且便利收益为负的现象，发现碳交易变量只能部分解释，而其他金融市场变量能更好解释，表明碳市场已金融化。
Since 2009, the European Carbon Futures Market has been in a permanent contango situation that is characterised by systematic negative convenience yields that allow investors to exploit profitable arbitrage opportunities. The objective of this paper is to analyse the possible drivers of these negative convenience yields. Our empirical results indicate that although some carbon trading variables are behind this contango situation, the carbon inconvenience yield is better explained if other financial markets and variables are considered, suggesting a financialization of the European Carbon Futures Market.