Are the European Carbon Markets Efficient

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The Stern Review and its critics: economics at work in an interdisciplinary setting (2011, background): “Some initial attempts have been made in respect of neoclassical finance as in e.g. Daskalakis and Markellos (2008) and Cetin and Verschuere (2010).”
Carbon trading thickness and market efficiency (2010, background): “[8] Daskalakis, G.”
Risk Spillovers across the Energy and Carbon Markets and Hedging Strategies for Carbon Risk (2016, background): “…i) the stochastic properties, market efficiency, price discovery, and spot-futures price relationship in the carbon spot and futures markets (e.g., Daskalakis and Markellos, 2008; Seifert et al., 2008; Milunovich and Joyeux, 2010; Arouri et al., 2012); and ii) the volatility transmission between…”
What explains the short-term dynamics of the prices of CO2 emissions? (2014, background): “For instance, Daskalakis et al. (2005) evaluate the prices and derivatives of the CO2 allowances and find some evidence of noarbitrage pricing behavior. Focusing on the returns of the CO2 and SO2 allowances, Paolella and Taschini (2006) uncover a GARCH-type structure and asymmetries in the carbon sp”