Measuring informational efficiency of the European carbon market — A quantitative evaluation of higher order dependence

This paper introduces a new method for measuring nonlinear predictability in financial price changes: the so-called intermittency coefficient, a parameter of the multifractal random walk model by Bacry et al. (2001). As the intermittency coefficient can quantify the degree of nonlinear deviation from a random walk, we employ its estimates from financial data as a proxy for the loss of financial market efficiency. In addition, we propose a new statistical test of the random walk hypothesis. In an empirical application using data from the largest currently existing market for tradable pollution permits, the European Union Emissions Trading Scheme (EU ETS), we show that the degree of efficiency of this market remains largely unchanged over the period of observation 2008–2019. This suggests that the market has reached a mature state: informational efficiency in Phase III remains at a level comparable to Phase II. What is more, the EU ETS is found to be more efficient than the US stock market. This result, surprising as such, is largely attributable to the lower exposure to global economic shocks of the EU ETS.     

京津冀科技园区科技创新与政府协同治理效应研究

推进科技园区协同创新成为京津冀三地政府实施协同治理的重要抓手和主要着力点。聚焦三地科技园区协同创新情况，运用复合系统协同度方法，对2014—2019年京津冀国家级科技园区创新协同度与有序度进行度量。研究结果显示，2014—2019年京津冀三地国家科技园区的创新协同度与有序度总体呈现上升趋势，但协同创新关系仍不稳定。因此，应破除行政壁垒，构建跨区域合作治理模式与利益共享机制，推动特色产业集群形成。     

科技创业孵化生态环境协同效应及空间分布

区域科技创业孵化生态环境的健康性有赖于生态系统内部各子系统间的有机、高效协同发展。以我国27个省（自治区、直辖市）为研究单位，在构建科技创业孵化生态环境评价体系的基础上，采用熵权—TOPSIS—耦合协调度模型定量评价2013—2019年各省域科技创业孵化生态环境的动态协同效应，基于泰尔系数和变异系数法分析省际科技创业孵化生态环境协同水平，结合各省域协同水平进行类型划分并揭示其时空演变特征。研究结果表明，我国大多数省份科技创业孵化生态环境协同发展水平较低，仅有极少数省份实现良好协同；排名靠后省份与全国平均水平存在较大差距，反映出我国科技创业孵化生态环境存在较严重的区域失衡现象；区域科技创业孵化生态环境协同水平呈现出东—中—西—东北部的阶梯式下降特征，并具有一定的空间集聚效应。最后，提出相应政策建议。