Lee, Chien-Chiang; Lee, Jun-De - In: Applied Energy 86 (2009) 4, pp. 466-479
This paper investigates the efficient market hypothesis using total energy price and four kinds of various disaggregated energy prices - coal, oil, gas, and electricity - for OECD countries over the period 1978-2006. We employ a highly flexible panel data stationarity test of Carrion-i-Silvestre...