China Policy Journal Volume 1, Number 1, Fall 2018 | Page 43

China Policy Journal
Table 4. Descriptive Statistics of CEA Price, Price Returns and Trading Volumes
Market
Price t
($/ton
CO 2
e)
lnReturn t
Volume t
(1000 ton
CO 2
e per
week)
City Level ETS
Provincial Level ETS
BJ CQ SH SZ TJ GD HB
Obs. 187 159 184 210 183 184 170
Mean 7.805 3.133 3.894 6.911 3.424 4.150 3.326
Std. Dev. 1.091 1.726 2.114 3.048 1.156 3.019 0.718
Min. 5.343 0.163 0.676 3.102 1.054 1.295 1.582
Max. 12.507 7.152 7.814 18.360 7.421 12.053 4.399
Skewness 0.587 0.131 0.032 1.199 0.468 1.279 −0.457
Kurtosis 5.786 1.793 1.640 3.404 3.355 3.091 1.666
Obs. 186 158 183 209 182 183 169
Mean 0.000 −0.020 0.001 0.000 −0.006 −0.008 −0.004
Std. Dev. 0.060 0.198 0.095 0.113 0.100 0.098 0.051
Min. −0.210 −0.931 −0.355 −0.346 −0.544 −0.314 −0.259
Max. 0.225 0.814 0.320 0.530 0.547 0.303 0.225
Skewness 0.363 −0.424 0.024 0.585 0.018 −0.004 −0.701
Kurtosis 6.447 11.558 6.398 6.169 13.522 4.462 10.513
Obs. 187 159 184 210 183 184 170
Mean 37.238 31.296 55.309 88.875 16.422 164.625 242.541
Std. Dev. 84.351 185.844 137.582 380.085 105.425 336.122 380.081
Min. 0.000 0.000 0.000 0.000 0.000 0.000 0.000
25 th
percentile
0.620 0.000 0.053 3.640 0.000 0.770 64.343
Median 5.000 0.000 12.447 16.904 0.360 23.540 133.683
75 th
percentile
25.523 0.144 48.594 68.291 1.380 174.190 258.081
Max. 565.091 2166.620 1113.833 4010.471 1083.470 2449.509 3217.207
Skewness 3.489 9.954 4.797 9.408 8.280 3.630 4.773
Kurtosis 16.516 111.895 29.626 93.829 74.976 19.120 31.790
Number of
zero observations
3 111 43 9 60 19 2
Note: “Std. Dev.” indicates standard deviation; “Obs” indicates the number of observations. “Min”
and “Max” are short for minimum and maximum respectively. Price t
refers to a time-series variable
of weekly CEA prices. Volume t
refers to a time-series variable of weekly CEA trading volume. lnReturn
t
refers to the logarithmic form of CEA price returns. lnReturn t
= ln(Price t
/Price t−1
).
at Shenzhen ETS, when 4 million tons
CO 2
e were traded in 2016 week 12.
Among the city-level ETSs, Shenzhen
has the largest weekly trading volume
on average, followed by Shanghai and
Beijing. In Chongqing and Tianjin,
however, there are respectively 111
weeks and 60 weeks when zero transactions
were made on the ETS markets,
implying very low-level participation of
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