This study separately applies Lo MacKinlay
traditional variance ratio test, Wright non-parametric test, Chow Denning
multiple variance ratio test and Joint Wright multiple variance ratio test to
analyze and test the features of the EU carbon emission market and the results
show that: in the 12-year development of the EU carbon emission trading, only
the rate of return in the second stage follows the Martingale Process, showing
a weak-form efficient market, while the first and third stages fail to possess
features of an efficient market.
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