Naeem Muhammad Abubakr, Karim Sitara, Farid Saqib, Tiwari Aviral Kumar
Accounting and Finance Department, United Arab Emirates University, P.O. Box 15551, Al-Ain, United Arab Emirates.
South Ural State University, Lenin Prospect 76, Chelyabinsk 454080, Russian Federation.
Econ Anal Policy. 2022 Sep;75:548-562. doi: 10.1016/j.eap.2022.06.015. Epub 2022 Jun 21.
In the backdrop of the recent COVID-19 pandemic, the study examines the comparative asymmetric efficiency of dirty and clean energy markets pre and during the COVID-19 pandemic. For this purpose, we utilize an asymmetric multifractality detrended fluctuation analysis (A-MF-DFA). The study's findings uncover the presence of asymmetric multifractality in clean and dirty energy markets. In addition, multifractality in the energy markets is sensitive to trends, time horizon and major events. More importantly, the results suggest superior efficiency of clean-energy markets compared to conventional energies. We confirm the time-varying nature of market efficiency in the energy markets, and during the recent COVID-19 outbreak, market inefficiencies in the clean and dirty energy markets soared. In this way, the study holds meaningful insights for policymakers, energy policy practitioners, investors, and financial market participants to choose between clean (dirty) investments based on their asymmetric efficiency (inefficiency).
在近期新冠疫情的背景下，本研究考察了新冠疫情之前及期间，脏能源市场和清洁能源市场的比较非对称效率。为此，我们采用了非对称多重分形去趋势波动分析（A-MF-DFA）。该研究的结果揭示了清洁能源市场和脏能源市场中存在非对称多重分形。此外，能源市场中的多重分形对趋势、时间范围和重大事件敏感。更重要的是，结果表明清洁能源市场比传统能源具有更高的效率。我们证实了能源市场中市场效率的时变性质，并且在近期新冠疫情爆发期间，清洁能源市场和脏能源市场的市场无效率飙升。通过这种方式，该研究为政策制定者、能源政策从业者、投资者和金融市场参与者基于非对称效率（无效率）在清洁（脏）投资之间进行选择提供了有意义的见解。
