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...

This paper investigates whether the efficient market hypothesis holds in stock markets under different economic development levels over the period January 1999 to May 2007. We employ a state-of-the-art panel data stationarity test which incorporates multiple structural breaks. Evidence indicates...

This paper re-investigates the stationarity properties of per capita carbon dioxide (CO2) emissions and real Gross Domestic Product (GDP) per capita for 109 countries within seven regional panel sets covering 1971-2003. We apply the recent unit-root test of the panel seemingly unrelated...