Before revision:  The peak of cross-correlation function of  volatility time series between EUA (or WTI) and stock market indicators show a signi?cant time shift (> 20days) from 0.
After revision:  The peak of cross-correlation function of volatility time series between EUA (or WTI) with that of the stock market indicators show a signi?cant time shift (> 20days) from 0.