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11 Dec 2023: Keywords Carbon tax; Bilateral trading; Carbon leakage; Electricity market. JEL Classification Q48; F14; D61; C13 Affiliations: a Energy Policy Research Group, Faculty of Economics, University of Cambridge, Sidgwick Ave., Cambridge, CB3 ... School of

11 Dec 2023: emails: g.castagneto-gissey@ucl.ac.uk, p.dodds@ucl.ac.uk. b Energy Policy Research Group, Faculty of Economics, University of Cambridge, Sidgwick Ave., Cambridge, CB3 9DD, UK; emails: ... cam.ac.uk, bg347@cam.ac.uk Corresponding Author details: Professor

6 Dec 2023: Faculty of Economics, University of Cambridge, Sidgwick Avenue, Cambridge CB3 9DE, UK.

9 Jul 2023: Sidgwick Avenue Cambridge CB3 9DE. Phone: 01223 335292 Fax: 01223 335768.

12 Dec 2023: Faculty of Economics, Sidgwick Ave, Cambridge, CB3 9DE, UK, ph: 44 1223 335248; email:.

9 Jul 2023: Working Paper No. 136 David Ladipo Hannah Reed School of Sociology & Political Sciences ESRC Centre for Business Research University of Nottingham University of Cambridge University Park Austin Robinson Building Nottingham Sidgwick ... Sidgwick Avenue

11 Dec 2023: 2 Address: Professor David Newbery, Director, Energy Policy Research Group, Faculty of Economics, University of Cambridge, Sidgwick Ave., Cambridge CB3 0DD, UK; email: dmgn@cam.ac.uk 3 A list of

9 Jul 2023: University of Cambridge Austin Robinson Building. Sidgwick Avenue Cambridge CB3 9DE.

12 Dec 2023: Pollitt and J-M Glachant. Contact David Newbery, dmgn@cam.ac.uk Energy Policy Research Group, Faculty of Economics, University of Cambridge, Sidgwick Ave., Cambridge, CB3 9DD, UK.

12 Dec 2023: 1 dmgn@cam.ac.uk Faculty of Economic, Sidgwick Ave., Cambridge, UK CB3 9DE.

8 Dec 2023: 1Corresponding author: Thomas Greve, Faculty of Economics, University of Cambridge, Sidgwick Ave, Cambridge, CB3 9DD, UK.

6 Dec 2023: david.newbery@econ.cam.ac.uk. Faculty of Economics, Sidgwick Avenue, Cambridge CB3 9DE, England. Research support from the ESRC under the project Electricity Policy Research Group is gratefully acknowledged,.

6 Dec 2023: Corresponding author. Faculty of Economics, University of Cambridge, Sidgwick Avenue, Cambridge CB3 9DE, United Kingdom, Telephone: 44-(0)1223-335271, Fax: 44-1223-335299, Email: tooraj.jamasb@econ.cam.ac.uk.

8 Dec 2023: We are indebted to a number of earlier referees’ comments as well as to Robert Ritz and Marta Rocha.†Corresponding author: Faculty of Economics, Sidgwick Ave, Cambridge, CB3 9DE, UK, ph: ... email: dmgn@cam.ac.uk.‡EPRG, Cambridge; contact address:

6 Dec 2023: Faculty of Economics, University of Cambridge, Sidgwick Ave, Cambridge CB3 9DE.

11 Dec 2023: Keywords Electricity trading efficiency; cross-border allocation; interconnector; market coupling; metrics. JEL Classification : C81; F14 ; F15; Q41 Affiliations: a Energy Policy Research Group, Faculty of Economics, University of Cambridge,

6 Dec 2023: Research support from Project SuperGen Flexnet is gratefully acknowledged. University of Cambridge, Faculty of Economics, Sidgwick Avenue, Cambridge CB3 9DE, UK, karsten.neuhoff@econ.cam.ac.uk.

6 Dec 2023: Contact:. Karsten.Neuhoff@econ.cam.ac.uk, Faculty of Economics, Cambridge University, Sidgwick Avenue,. Cambridge CB3 9DE.

9 Jul 2023: ISSN 2632-9611. TAKING A HORSE TO WATER? PROSPECTS FOR THE JAPANESE CORPORATE GOVERNANCE CODE. John Buchanan, Dominic Chai and Simon Deakin. WP 517 March 2020. TAKING A HORSE TO WATER? PROSPECTS FOR THE JAPANESE CORPORATE GOVERNANCE CODE. Centre for

6 Dec 2023: Pollitt wishes to thank Melvyn Weeks and the 2008 NAPW conference for their encouragement in undertaking this survey. 2 Corresponding author: Faculty of Economics, University of Cambridge, Austin Robinson Building,