We examine the issues of market efficiency and price discovery in the European Union carbon futures market. Our findings suggest that none of the three carbon futures contracts examined here are priced according to the cost-of-carry model, although two of the three contracts form a stable...

The production and diffusion of knowledge have increasingly been seen as potential causes of the observed international differences in total factor productivity and, in turn, as possible sources of economic growth. This paper presents the results of a causality study between business visits and...