The paper uses a capital asset pricing model to analyze the market risk in the European Union Emission Trading System (EU ETS) and clean development mechanisms (CDM) and Zipf analysis technology to analyze the carbon price volatility in different expectations of returns in the two markets. The results show that the systematic risk of the EU ETS market is around 0.07 %, but the CDM market is clearly divided into two stages; the systematic risk of the futures contracts in the first stage (DEC09–DEC12) is less than the EU ETS market, but the systematic risk of the futures contracts that enter the market is greater than the EU ETS market and has a higher market sensitivity, although on the unsystematic risk. The CDM market is always greater than the EU ETS market. Abnormal returns in the two carbon markets are both lower than 0.02 %, but CDM is higher. The probability of price down is greater than that of price up. The carbon price is affected by market mechanisms and external factors (economic crisis and environmental policies) in the low expectations of returns. However, in the high expectations of returns, compared with the CDM market, the carbon price change in the EU ETS market is less stable and has higher risks.
正We studied the solid-liquid transformation of low-grade solid potash deposit in Dalangtan Basin and simplified the liquid phase system.We did experiments to optimize conditions of the solid-liquid transformation.The Suitable 相似文献
Layers from one manganese nodule dredged from the Philippine Sea(16°56'N, 129°48'E; water depth, 5700 m) and 45 bulk nodules from offshore Minami-Torishima Island, Japan(23°3'N, 153°22'E; water depth, 1200 m) were analyzed chemically and their origin is discussed based on geochemical constraints. In general, Cu, Ni, Zn and Mo tend to increase with increasing Mn content, while Co, Pb, Ba, V, Sc, Th, and the rare earth elements(REEs) show less variation with increasing Mn content. Nodule 42 H from the Philippine Sea has an average Mn/Fe ratio close to 1 and shows a positive Ce anomaly, suggesting a predominant hydrogenous origin. Profiles of 230Th230 ex and Thex/232 Th ratios in the outer ~0.3 mm of nodule 42 H indicate a steady growth rate of ~1.7 mm/Myr. Nodule E30 from offshore Minami-Torishima is characterized by lower Mn, Fe, Mn/Fe(0.53) and Mo/V(0.2) ratios but higher P and Cu/Ni(0.31) ratio relative to other nodules from that area. The Ce content of E30 is unusually low(82 ppm) when compared with other nodules from the area and it is the only nodule analyzed with a negative Ce anomaly(-0.64). Based on the geochemical data we suggest that most nodules from offshore Minami-Torishima are primarily of hydrogenous origin except E30, which is dominated by hydrothermal input, and E45, which has about a 35% hydrothermal contribution. 相似文献
