{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,20]],"date-time":"2026-04-20T23:03:12Z","timestamp":1776726192684,"version":"3.51.2"},"reference-count":71,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2023,2,4]],"date-time":"2023-02-04T00:00:00Z","timestamp":1675468800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2023,2,4]],"date-time":"2023-02-04T00:00:00Z","timestamp":1675468800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Ann Oper Res"],"published-print":{"date-parts":[[2025,4]]},"abstract":"<jats:title>Abstract<\/jats:title>\n          <jats:p>Throughout the world, carbon emissions have decreased in an unprecedented way as a result of the Covid-19 pandemic. The purpose of this paper is to investigate whether a rebound effect in carbon emissions is anticipated following the extraction of information related to the beliefs of investors. A suitable Markov switching model is used in this paper to adapt the safe haven financial methodology to an environmental sustainability perspective. Analytically, the aforementioned situation is modeled by estimating a two-state dynamic Markov-Switching Regression (MSR), with a state-dependent intercept term to capture the dynamics of the series, across unobserved regimes. In light of the results of the research and the robustness checks, investors are anticipating a rebound effect on the total quantity of carbon emissions.<\/jats:p>","DOI":"10.1007\/s10479-023-05184-x","type":"journal-article","created":{"date-parts":[[2023,2,4]],"date-time":"2023-02-04T10:03:12Z","timestamp":1675504992000},"page":"217-239","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["Carbon emissions and sustainability in Covid-19\u2019s waves: evidence from a two-state dynamic Markov-switching regression (MSR) model"],"prefix":"10.1007","volume":"347","author":[{"given":"Konstantinos N.","family":"Konstantakis","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-6837-332X","authenticated-orcid":false,"given":"Panayotis G.","family":"Michaelides","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Panos","family":"Xidonas","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Stavroula","family":"Yfanti","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2023,2,4]]},"reference":[{"key":"5184_CR1","doi-asserted-by":"crossref","first-page":"375","DOI":"10.1016\/j.jfineco.2004.06.007","volume":"77","author":"VV Acharya","year":"2005","unstructured":"Acharya, V. V., & Pedersen, L. H. (2005). Asset pricing with liquidity risk. Journal of Financial Economics, 77, 375\u2013410.","journal-title":"Journal of Financial Economics"},{"key":"5184_CR2","doi-asserted-by":"crossref","first-page":"63","DOI":"10.1007\/s10479-016-2200-x","volume":"255","author":"E Allevi","year":"2017","unstructured":"Allevi, E., Oggioni, G., Riccardi, R., & Rocco, M. (2017). An equilibrium model for the cement sector: EU-ETS analysis with power contracts. Annals of Operations Research, 255, 63\u201393.","journal-title":"Annals of Operations Research"},{"issue":"1","key":"5184_CR3","doi-asserted-by":"crossref","first-page":"47","DOI":"10.2307\/2998540","volume":"66","author":"BYJ Bai","year":"1998","unstructured":"Bai, B. Y. J., & Perron, P. (1998). Estimating and testing linear models with multiplestructural changes. Econometrica, 66(1), 47\u201378.","journal-title":"Econometrica"},{"issue":"1","key":"5184_CR4","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1002\/jae.659","volume":"18","author":"J Bai","year":"2003","unstructured":"Bai, J., & Perron, P. (2003). Computation and analysis of multiple structural changemodels. Journal of Applied Econometrics, 18(1), 1\u201322.","journal-title":"Journal of Applied Econometrics"},{"key":"5184_CR5","doi-asserted-by":"crossref","first-page":"159","DOI":"10.1016\/j.eneco.2015.11.003","volume":"54","author":"M Balc\u0131lar","year":"2016","unstructured":"Balc\u0131lar, M., Demirer, R., Hammoudeh, S., & Nguyen, D. K. (2016). Risk spillovers across the energy and carbon markets and hedging strategies for carbon risk. Energy Economics, 54, 159\u2013172.","journal-title":"Energy Economics"},{"key":"5184_CR6","doi-asserted-by":"crossref","first-page":"217","DOI":"10.1111\/j.1540-6288.2010.00244.x","volume":"45","author":"DG Baur","year":"2010","unstructured":"Baur, D. G., & Lucey, B. M. (2010). Is gold a hedge or a safe haven?. An analysis of stocks, bonds and gold. Financial Review, 45, 217\u2013229.","journal-title":"Financial Review"},{"key":"5184_CR7","doi-asserted-by":"crossref","first-page":"1886","DOI":"10.1016\/j.jbankfin.2009.12.008","volume":"34","author":"DG Baur","year":"2010","unstructured":"Baur, D. G., & McDermott, T. K. (2010a). Is gold a safe haven?. International evidence. Journal of Banking and Finance, 34, 1886\u20131898.","journal-title":"Journal of Banking and Finance"},{"issue":"8","key":"5184_CR8","doi-asserted-by":"crossref","first-page":"1886","DOI":"10.1016\/j.jbankfin.2009.12.008","volume":"34","author":"DG Baur","year":"2010","unstructured":"Baur, D. G., & McDermott, T. K. (2010b). Is gold a safe haven?. International evidence. Journal of Banking and Finance, 34(8), 1886\u20131898.","journal-title":"Journal of Banking and Finance"},{"key":"5184_CR9","first-page":"16","volume":"48","author":"J Beckmann","year":"2015","unstructured":"Beckmann, J., Berger, T., & Czudaj, R. (2015). Does gold act as a hedge or a safe haven for stocks? A Smooth Transition Approach, Economic Modelling, 48, 16\u201324.","journal-title":"A Smooth Transition Approach, Economic Modelling"},{"key":"5184_CR10","doi-asserted-by":"crossref","first-page":"585","DOI":"10.1016\/j.energy.2014.07.024","volume":"74","author":"A Boersen","year":"2014","unstructured":"Boersen, A., & Scholtens, B. (2014). The relationship between European electricity markets and emission allowance futures prices in phase II of the EU (European Union) emission trading scheme. Energy, 74, 585\u2013594.","journal-title":"Energy"},{"key":"5184_CR11","doi-asserted-by":"crossref","DOI":"10.1016\/j.physa.2019.123093","volume":"540","author":"H Boubaker","year":"2020","unstructured":"Boubaker, H., Cunado, J., Gil-Alana, L. A., & Gupta, R. (2020). Global crises and gold as a safe haven: Evidence from over seven and a half centuries of data. Physica A: Statistical Mechanics and Its Applications, 540, 123093.","journal-title":"Physica A: Statistical Mechanics and Its Applications"},{"key":"5184_CR12","doi-asserted-by":"crossref","first-page":"47","DOI":"10.1007\/s10479-016-2246-9","volume":"255","author":"MA Boutabba","year":"2017","unstructured":"Boutabba, M. A., & Lardic, S. (2017). EU emissions trading scheme, competitiveness and carbon leakage: New evidence from cement and steel industries. Annals of Operations Research, 255, 47\u201361.","journal-title":"Annals of Operations Research"},{"key":"5184_CR13","doi-asserted-by":"crossref","first-page":"320","DOI":"10.1016\/j.irfa.2015.01.010","volume":"41","author":"D Bredin","year":"2015","unstructured":"Bredin, D., Conlon, T., & Pot\u00ec, V. (2015). Does gold glitter in the long-run?. Gold as a hedge and safe haven across time and investment horizon. International Review of Financial Analysis, 41, 320\u2013328.","journal-title":"International Review of Financial Analysis"},{"key":"5184_CR502","doi-asserted-by":"crossref","unstructured":"Breitung, J., Candelon, B., 2006. Testing for short- and long-run causality: A frequencydomain approach. Journal of Econometrics, 132, 2, 363\u2013378.","DOI":"10.1016\/j.jeconom.2005.02.004"},{"issue":"3","key":"5184_CR14","doi-asserted-by":"crossref","first-page":"1","DOI":"10.3390\/ijfs5030018","volume":"5","author":"K Chen","year":"2017","unstructured":"Chen, K., & Wang, M. (2017). Does gold act as a hedge and a safe haven for China\u2019s stock market? International Journal of Financial Studies, 5(3), 1\u201318.","journal-title":"International Journal of Financial Studies"},{"key":"5184_CR15","doi-asserted-by":"crossref","first-page":"614","DOI":"10.1016\/j.eneco.2009.02.008","volume":"31","author":"J Chevallier","year":"2009","unstructured":"Chevallier, J. (2009). Carbon futures and macroeconomic risk factors: A view from the EU ETS. Energy Economics, 31, 614\u2013625.","journal-title":"Energy Economics"},{"key":"5184_CR16","doi-asserted-by":"crossref","first-page":"4257","DOI":"10.1080\/00036846.2011.589809","volume":"44","author":"J Chevallier","year":"2012","unstructured":"Chevallier, J. (2012). Time-varying correlations in oil, gas and CO2 prices: An application using BEKK, CCC and DCC-MGARCH models. Applied Economics, 44, 4257\u20134274.","journal-title":"Applied Economics"},{"key":"5184_CR17","doi-asserted-by":"crossref","first-page":"22","DOI":"10.1016\/j.ribaf.2016.03.005","volume":"38","author":"W Chkili","year":"2016","unstructured":"Chkili, W. (2016). Dynamic correlations and hedging effectiveness between gold and stock markets: Evidence for BRICS countries. Research in International Business and Finance, 38, 22\u201334.","journal-title":"Research in International Business and Finance"},{"key":"5184_CR18","doi-asserted-by":"crossref","first-page":"152","DOI":"10.1016\/j.mulfin.2017.10.001","volume":"42\u201343","author":"W Chkili","year":"2017","unstructured":"Chkili, W. (2017). Is gold a hedge or safe haven for Islamic stock market movements?. A markov switching approach. Journal of Multinational Financial Management, 42\u201343, 152\u2013163.","journal-title":"Journal of Multinational Financial Management"},{"key":"5184_CR19","doi-asserted-by":"crossref","first-page":"414","DOI":"10.1016\/j.apenergy.2017.02.037","volume":"193","author":"R Cong","year":"2017","unstructured":"Cong, R., & Lo, A. Y. (2017). Emission trading and carbon market performance in Shenzhen, China. Applied Energy, 193, 414\u2013425.","journal-title":"Applied Energy"},{"key":"5184_CR501","doi-asserted-by":"crossref","unstructured":"Dickey, D. A., Fuller, W. A. (1979), Distribution of the estimators for\nautoregressive time series with a unit root, Journal of the American Statistical Association, 74, 427\u2013431.","DOI":"10.1080\/01621459.1979.10482531"},{"issue":"3","key":"5184_CR20","doi-asserted-by":"crossref","first-page":"585","DOI":"10.1177\/1536867X1801800306","volume":"18","author":"J Ditzen","year":"2018","unstructured":"Ditzen, J. (2018). Estimating dynamic common-correlated effects in Stata. The Stata Journal, 18(3), 585\u2013617.","journal-title":"The Stata Journal"},{"key":"5184_CR21","doi-asserted-by":"crossref","first-page":"247","DOI":"10.1007\/s10479-018-2922-z","volume":"291","author":"S Du","year":"2020","unstructured":"Du, S., Qian, J., Liu, T., & Hu, L. (2020). Emission allowance allocation mechanism design: A low-carbon operations perspective. Annals of Operations Research, 291, 247\u2013280.","journal-title":"Annals of Operations Research"},{"key":"5184_CR22","doi-asserted-by":"crossref","DOI":"10.1016\/j.resourpol.2020.101816","volume":"69","author":"A Dutta","year":"2020","unstructured":"Dutta, A., Debojyoti Das, R. K., Jana, X. V., & Vo,. (2020). COVID-19 and oil market crash: Revisiting the safe haven property of gold and bitcoin. Resources Policy, 69, 101816.","journal-title":"Resources Policy"},{"key":"5184_CR23","doi-asserted-by":"crossref","first-page":"577","DOI":"10.1007\/s10479-019-03297-w","volume":"300","author":"C Fang","year":"2021","unstructured":"Fang, C., & Ma, T. (2021). Technology adoption with carbon emission trading mechanism: Modeling with heterogeneous agents and uncertain carbon price. Annals of Operations Research, 300, 577\u2013600.","journal-title":"Annals of Operations Research"},{"issue":"4","key":"5184_CR24","doi-asserted-by":"crossref","first-page":"3269","DOI":"10.5194\/essd-12-3269-2020","volume":"12","author":"P Friedlingstein","year":"2020","unstructured":"Friedlingstein, P., et al. (2020). Global carbon budget 2020. Earth System Science Data, 12(4), 3269\u20133340.","journal-title":"Earth System Science Data"},{"key":"5184_CR26","doi-asserted-by":"crossref","first-page":"101703","DOI":"10.1016\/j.frl.2020.101703","volume":"38","author":"C Gharib","year":"2020","unstructured":"Gharib, C., Mefteh-Wali, S., & Ben, J. S. (2020). The bubble contagion effect of COVID-19 outbreak: Evidence from crude oil and gold markets. Finance Research Letters, 38, 101703.","journal-title":"Finance Research Letters"},{"key":"5184_CR27","doi-asserted-by":"crossref","DOI":"10.1515\/9780691218632","volume-title":"Time Series Analysis","author":"JD Hamilton","year":"1994","unstructured":"Hamilton, J. D. (1994). Time Series Analysis. Princeton University Press."},{"key":"5184_CR28","doi-asserted-by":"crossref","first-page":"149","DOI":"10.1016\/j.eneco.2015.02.013","volume":"49","author":"S Hammoudeh","year":"2015","unstructured":"Hammoudeh, S., Lahiani, A., Nguyen, D. K., & Sousa, R. M. (2015). An empirical analysis of energy cost pass-through to CO2 emission prices. Energy Economics, 49, 149\u2013156.","journal-title":"Energy Economics"},{"key":"5184_CR29","doi-asserted-by":"crossref","first-page":"201","DOI":"10.1016\/j.enpol.2014.03.026","volume":"70","author":"S Hammoudeh","year":"2014","unstructured":"Hammoudeh, S., Nguyen, D. K., & Sousa, R. M. (2014). Energy prices and CO2 emission allowance prices: A quantile regression approach. Energy Policy, 70, 201\u2013206.","journal-title":"Energy Policy"},{"key":"5184_CR30","doi-asserted-by":"crossref","first-page":"69","DOI":"10.1016\/j.energy.2019.01.009","volume":"171","author":"M Han","year":"2019","unstructured":"Han, M., Ding, L., Zhao, X., & Kang, W. (2019). Forecasting carbon prices in the Shenzhen market, China: The role of mixed-frequency factors. Energy, 171, 69\u201376.","journal-title":"Energy"},{"issue":"2","key":"5184_CR31","doi-asserted-by":"crossref","first-page":"47","DOI":"10.1016\/j.rfe.2013.03.001","volume":"22","author":"M Hood","year":"2013","unstructured":"Hood, M., & Malik, F. (2013). Is gold the best hedge and a safe haven under changing stock market volatility? Review of Financial Economics, 22(2), 47\u201352.","journal-title":"Review of Financial Economics"},{"key":"5184_CR32","doi-asserted-by":"crossref","unstructured":"Huynh, T. L. D., Shahbaz, M., Nasir, M. A., Ullah, S. (2020b). Financial modelling, risk management of energy instruments and the role of cryptocurrencies.\u00a0Annals of Operations Research, 1\u201329.","DOI":"10.1007\/s10479-020-03680-y"},{"key":"5184_CR33","volume":"54","author":"TLD Huynh","year":"2020","unstructured":"Huynh, T. L. D., Nasir, M. A., Vo, X. V., & Nguyen, T. T. (2020a). \u201cSmall things matter most\u201d: The spillover effects in the cryptocurrency market and gold as a silver bullet. The North American Journal of Economics and Finance, 54, 101277.","journal-title":"The North American Journal of Economics and Finance"},{"key":"5184_CR34","volume":"71","author":"Q Ji","year":"2020","unstructured":"Ji, Q., Zhang, D., & Zhao, Y. (2020a). Searching for safe-haven assets during the COVID-19 pandemic. International Review of Financial Analysis, 71, 101526.","journal-title":"International Review of Financial Analysis"},{"key":"5184_CR35","doi-asserted-by":"crossref","first-page":"412","DOI":"10.1007\/s12182-018-0224-3","volume":"15","author":"Y Jiang","year":"2018","unstructured":"Jiang, Y., Lei, Y. L., Yang, Y. Z., & Wang, F. (2018). Factors affecting the pilot trading market of carbon emissions in China. Petroleum Science, 15, 412\u2013420.","journal-title":"Petroleum Science"},{"key":"5184_CR36","doi-asserted-by":"crossref","first-page":"13","DOI":"10.1016\/j.eneco.2019.03.002","volume":"81","author":"R Jim\u00e9nez-Rodr\u00edguez","year":"2019","unstructured":"Jim\u00e9nez-Rodr\u00edguez, R. (2019). What happens to the relationship between EU allowances prices and stock market indices in Europe? Energy Economics, 81, 13\u201324.","journal-title":"Energy Economics"},{"key":"5184_CR38","doi-asserted-by":"crossref","first-page":"715","DOI":"10.1080\/00036846.2013.854301","volume":"46","author":"N Koch","year":"2014","unstructured":"Koch, N. (2014). Dynamic linkages among carbon, energy and financial markets: A smooth transition approach. Applied Economics, 46, 715\u2013729.","journal-title":"Applied Economics"},{"key":"5184_CR39","doi-asserted-by":"crossref","first-page":"769","DOI":"10.1111\/1540-6261.00441","volume":"57","author":"LE Kodres","year":"2002","unstructured":"Kodres, L. E., & Pritsker, M. (2002). A rational expectations model of financial contagion. Journal of Finance., 57, 769\u2013799.","journal-title":"Journal of Finance."},{"key":"5184_CR40","doi-asserted-by":"publisher","DOI":"10.1002\/ijfe.2524","author":"KN Konstantakis","year":"2021","unstructured":"Konstantakis, K. N., Melissaropoulos, I. G., Daglis, T., & Michaelides, P. G. (2021). The euro to dollar exchange rate in the Covid-19 era: Evidence from spectral causality and Markov-switching estimation. International Journal of Finance and Economics. https:\/\/doi.org\/10.1002\/ijfe.2524","journal-title":"International Journal of Finance and Economics"},{"key":"5184_CR41","doi-asserted-by":"crossref","first-page":"215","DOI":"10.1016\/j.eneco.2011.03.002","volume":"34","author":"S Kumar","year":"2012","unstructured":"Kumar, S., Managi, S., & Matsuda, A. (2012). Stock prices of clean energy firms, oil and carbon markets: A vector autoregressive analysis. Energy Economics., 34, 215\u2013226.","journal-title":"Energy Economics."},{"key":"5184_CR42","first-page":"647","volume":"10","author":"C Le Qu\u00e9r\u00e9","year":"2020","unstructured":"Le Qu\u00e9r\u00e9, C., Jackson, R. B., Jones, M. W., et al. (2020). Temporary reduction in daily global CO2 emissions during the COVID-19 forced confinement. Nature Clinical Practice Endocrinology and Metabolism, 10, 647\u2013653.","journal-title":"Nature Clinical Practice Endocrinology and Metabolism"},{"key":"5184_CR43","doi-asserted-by":"crossref","first-page":"145","DOI":"10.1016\/j.ecolecon.2019.02.020","volume":"160","author":"J Li","year":"2019","unstructured":"Li, J., Zhang, D., & Bin, Su. (2019). The impact of social awareness and lifestyles on household carbon emissions in China. Ecological Economics., 160, 145\u2013155.","journal-title":"Ecological Economics."},{"key":"5184_CR45","doi-asserted-by":"crossref","first-page":"367","DOI":"10.1007\/s10479-021-04288-6","volume":"313","author":"MA Madani","year":"2022","unstructured":"Madani, M. A., & Ftiti, Z. (2022). Is gold a hedge or safe haven against oil and currency market movements?. A revisit using multifractal approach. Annals of Operations Research, 313, 367\u2013400.","journal-title":"Annals of Operations Research"},{"key":"5184_CR46","doi-asserted-by":"crossref","first-page":"417","DOI":"10.1016\/j.energy.2015.05.060","volume":"88","author":"V Marimoutou","year":"2015","unstructured":"Marimoutou, V., & Soury, M. (2015). Energy markets and CO2 emissions: Analysis by stochastic copula autoregressive model. Energy, 88, 417\u2013429.","journal-title":"Energy"},{"key":"5184_CR500","doi-asserted-by":"crossref","unstructured":"Mark Joy (2011), Gold and the US dollar: Hedge or haven?, Finance Research Letters, 8:(3), 120\u2013131.","DOI":"10.1016\/j.frl.2011.01.001"},{"key":"5184_CR47","doi-asserted-by":"crossref","first-page":"78","DOI":"10.1016\/j.ecolecon.2014.05.010","volume":"105","author":"R Martin","year":"2014","unstructured":"Martin, R., Mu\u00fbls, M., De Preux, L. B., & Wagner, U. J. (2014). On the empirical content of carbon leakage criteria in the EU emissions trading scheme. Ecological Economics, 105, 78\u201388.","journal-title":"Ecological Economics"},{"key":"5184_CR48","doi-asserted-by":"crossref","first-page":"155","DOI":"10.1016\/j.ememar.2016.08.003","volume":"28","author":"W Mensi","year":"2016","unstructured":"Mensi, W., Hammoudeh, S., & Tiwari, A. K. (2016). New evidence on hedges and safe havens for gulf stock markets using the wavelet-based quantile. Emerging Markets Review, 28, 155\u2013183.","journal-title":"Emerging Markets Review"},{"key":"5184_CR503","doi-asserted-by":"crossref","unstructured":"Michaelides, P. G., Tsionas, E. G., & Konstantakis, K. N. (2016), Non-linearities in financial bubbles: Theory and Bayesian evidence from S&P500, Journal of Financial Stability, 24, 61\u201370.","DOI":"10.1016\/j.jfs.2016.04.007"},{"key":"5184_CR49","doi-asserted-by":"crossref","first-page":"1116","DOI":"10.1016\/j.ecolecon.2008.07.026","volume":"68","author":"U Oberndorfer","year":"2009","unstructured":"Oberndorfer, U. (2009). EU emission allowances and the stock market: Evidence from the electricity industry. Ecological Economics, 68, 1116\u20131126.","journal-title":"Ecological Economics"},{"key":"5184_CR50","doi-asserted-by":"crossref","first-page":"294","DOI":"10.1016\/j.jbankfin.2015.05.005","volume":"58","author":"AM Oestreich","year":"2015","unstructured":"Oestreich, A. M., & Tsiakas, I. (2015). Carbon emissions and stock returns: Evidence from the EU emissions trading scheme. Journal of Banking and Finance, 58, 294\u2013308.","journal-title":"Journal of Banking and Finance"},{"key":"5184_CR51","doi-asserted-by":"crossref","first-page":"61","DOI":"10.1016\/bs.host.2018.12.002","volume-title":"Handbook of Statistics: Financial, Macro and Micro Econometrics Using R","author":"PC Phillips","year":"2020","unstructured":"Phillips, P. C., & Shi, S. (2020). Real time monitoring of asset markets: Bubbles and crises. In H. D. Vinod & C. R. Rao (Eds.), Handbook of Statistics: Financial, Macro and Micro Econometrics Using R (Vol. 42, pp. 61\u201380). Amsterdam: Elsevier."},{"key":"5184_CR52","doi-asserted-by":"crossref","first-page":"1043","DOI":"10.1111\/iere.12132","volume":"56","author":"PC Phillips","year":"2015","unstructured":"Phillips, P. C., Shi, S., & Yu, J. (2015). Testing for multiple bubbles: Historical episodes of exuberance and collapse in the S&P 500. International Economic Review, 56, 1043\u20131078.","journal-title":"International Economic Review"},{"key":"5184_CR53","doi-asserted-by":"crossref","first-page":"201","DOI":"10.1111\/j.1468-2354.2010.00625.x","volume":"52","author":"PC Phillips","year":"2011","unstructured":"Phillips, P. C., Wu, Y., & Yu, J. (2011). Explosive behavior in the 1990s nasdaq: When did exuberance escalate asset values? International Economic Review, 52, 201\u2013226.","journal-title":"International Economic Review"},{"key":"5184_CR54","first-page":"471","volume":"36","author":"JC Reboredo","year":"2013","unstructured":"Reboredo, J. C. (2013). Modeling EU allowances and oil market interdependence. Implications for Portfolio Management. Energy Economics, 36, 471\u2013480.","journal-title":"Implications for Portfolio Management. Energy Economics"},{"key":"5184_CR55","doi-asserted-by":"crossref","first-page":"787","DOI":"10.1016\/j.eneco.2018.07.007","volume":"74","author":"R Selmi","year":"2018","unstructured":"Selmi, R., Mensi, W., Hammoudeh, S., & Bouoiyour, J. (2018). Is Bitcoin a hedge, a safe haven or a diversifier for oil price movements?. A comparison with gold. Energy Economics, 74, 787\u2013801.","journal-title":"Energy Economics"},{"key":"5184_CR56","doi-asserted-by":"crossref","first-page":"125","DOI":"10.1007\/s10479-012-1152-z","volume":"228","author":"ML Song","year":"2015","unstructured":"Song, M. L., Zhang, W., & Qiu, X. M. (2015). Emissions trading system and supporting policies under an emissions reduction framework. Annals of Operations Research, 228, 125\u2013134.","journal-title":"Annals of Operations Research"},{"key":"5184_CR57","doi-asserted-by":"crossref","first-page":"118","DOI":"10.1016\/j.physa.2014.06.058","volume":"414","author":"R Sousa","year":"2014","unstructured":"Sousa, R., Aguiar-Conraria, L., & Soares, M. J. (2014). Carbon financial markets: A time-frequency analysis of CO2 prices. Physica A: Statistical Mechanics and Its Applications, 414, 118\u2013127.","journal-title":"Physica A: Statistical Mechanics and Its Applications"},{"key":"5184_CR58","volume":"90","author":"X Tan","year":"2020","unstructured":"Tan, X., Sirichand, K., Vivian, A., & Wang, X. (2020). How connected is the carbon market to energy and financial markets?. A systematic analysis of spillovers and dynamics. Energy Economics, 90, 104870.","journal-title":"Energy Economics"},{"key":"5184_CR59","doi-asserted-by":"crossref","first-page":"157","DOI":"10.1007\/s10479-015-1864-y","volume":"255","author":"BJ Tang","year":"2017","unstructured":"Tang, B. J., Gong, P. Q., & Shen, C. (2017). Factors of carbon price volatility in a comparative analysis of the EUA and sCER. Annals of Operations Research, 255, 157\u2013168.","journal-title":"Annals of Operations Research"},{"key":"5184_CR60","doi-asserted-by":"crossref","first-page":"106347","DOI":"10.1016\/j.ecolecon.2019.06.002","volume":"164","author":"J Teixid\u00f3","year":"2019","unstructured":"Teixid\u00f3, J., Verde, S. F., & Nicolli, F. (2019). The impact of the EU emissions trading system on low-carbon technological change: The empirical evidence. Ecological Economics., 164, 106347.","journal-title":"Ecological Economics."},{"key":"5184_CR61","doi-asserted-by":"crossref","DOI":"10.1016\/j.techfore.2020.120195","volume":"159","author":"N Thampanya","year":"2020","unstructured":"Thampanya, N., Nasir, M. A., & Huynh, T. L. D. (2020). Asymmetric correlation and hedging effectiveness of gold & cryptocurrencies: From pre-industrial to the 4th industrial revolution. Technological Forecasting and Social Change, 159, 120195.","journal-title":"Technological Forecasting and Social Change"},{"key":"5184_CR62","doi-asserted-by":"crossref","first-page":"1619","DOI":"10.1016\/j.jclepro.2015.07.028","volume":"112","author":"Y Tian","year":"2016","unstructured":"Tian, Y., Akimov, A., Roca, E., & Wong, V. (2016). Does the carbon market help or hurt the stock price of electricity companies?. Further evidence from the European context. Journal of Cleaner Production, 112, 1619\u20131626.","journal-title":"Journal of Cleaner Production"},{"key":"5184_CR63","doi-asserted-by":"crossref","first-page":"343","DOI":"10.1038\/d41586-021-00090-3","volume":"589","author":"J Tolleson","year":"2021","unstructured":"Tolleson, J. (2021). COVID curbed carbon emissions in 2020\u2014but not by much. Nature, 589, 343.","journal-title":"Nature"},{"key":"5184_CR64","doi-asserted-by":"crossref","first-page":"106632","DOI":"10.1016\/j.ecolecon.2020.106632","volume":"175","author":"A Trinks","year":"2020","unstructured":"Trinks, A., Mulder, M., & Scholtens, B. (2020). An efficiency perspective on carbon emissions and financial performance. Ecological Economics, 175, 106632.","journal-title":"Ecological Economics"},{"key":"5184_CR65","doi-asserted-by":"crossref","first-page":"102629","DOI":"10.1016\/j.scs.2020.102629","volume":"65","author":"Q Wang","year":"2021","unstructured":"Wang, Q., & Li, S. (2021). Nonlinear impact of COVID-19 on pollutions \u2013 Evidence from Wuhan, New York, Milan, Madrid, Bandra, London, Tokyo and Mexico City. Sustainable Cities and Society, 65, 102629.","journal-title":"Sustainable Cities and Society"},{"key":"5184_CR66","first-page":"655","volume":"6","author":"CC Wei","year":"2016","unstructured":"Wei, C. C., & Lin, Y. L. (2016). Carbon future price return, oil future price return and stock index future price return in the US. International Journal of Energy Economics and Policy, 6, 655\u2013662.","journal-title":"International Journal of Energy Economics and Policy"},{"key":"5184_CR67","doi-asserted-by":"crossref","first-page":"194","DOI":"10.1016\/j.econmod.2016.12.022","volume":"62","author":"X Wen","year":"2017","unstructured":"Wen, X., Bouri, E., & Roubaud, D. (2017). Can energy commodity futures add to the value of carbon assets? Economic Modelling, 62, 194\u2013206.","journal-title":"Economic Modelling"},{"key":"5184_CR68","doi-asserted-by":"crossref","first-page":"69","DOI":"10.1016\/j.ememar.2017.12.006","volume":"35","author":"X Wen","year":"2018","unstructured":"Wen, X., & Cheng, H. (2018). Which is the safe haven for emerging stock markets, gold or the US dollar? Emerging Markets Review, 35, 69\u201390.","journal-title":"Emerging Markets Review"},{"key":"5184_CR69","doi-asserted-by":"crossref","DOI":"10.1016\/j.eneco.2020.104901","volume":"91","author":"L Zhao","year":"2020","unstructured":"Zhao, L., Wen, F., & Wang, X. (2020). Interaction among China carbon emission trading markets: Nonlinear granger causality and time-varying effect. Energy Economics, 91, 104901.","journal-title":"Energy Economics"},{"key":"5184_CR70","doi-asserted-by":"crossref","first-page":"9","DOI":"10.1016\/j.physa.2015.01.018","volume":"426","author":"Z Zheng","year":"2015","unstructured":"Zheng, Z., Xiao, R., Shi, H., Li, G., & Zhou, X. (2015). Statistical regularities of carbon emission trading market: Evidence from European union allowances. Physica A: Statistical Mechanics and Its Applications, 426, 9\u201315.","journal-title":"Physica A: Statistical Mechanics and Its Applications"}],"container-title":["Annals of Operations Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-023-05184-x.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s10479-023-05184-x\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-023-05184-x.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,5,8]],"date-time":"2025-05-08T04:59:02Z","timestamp":1746680342000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s10479-023-05184-x"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,2,4]]},"references-count":71,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2025,4]]}},"alternative-id":["5184"],"URL":"https:\/\/doi.org\/10.1007\/s10479-023-05184-x","relation":{},"ISSN":["0254-5330","1572-9338"],"issn-type":[{"value":"0254-5330","type":"print"},{"value":"1572-9338","type":"electronic"}],"subject":[],"published":{"date-parts":[[2023,2,4]]},"assertion":[{"value":"5 January 2023","order":1,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"4 February 2023","order":2,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Declarations"}},{"value":"The authors have no\u00a0conflicts of interest\u00a0to declare.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}}]}}