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.
Inductively coupled plasma mass spectrometry(ICP-MS) has become a powerful tool for providing reliable analytical results in many laboratories around the word. In this study, the mixture of HF and HNO3 acids in high-temperature and high-pressure closed-vessel digestion technique were used to decompose some Chinese reference materials, and thirty seven elements were determined by ICP-MS. Most of the results for Chinese soil reference materials were found to be in reasonable agreement with the reference values, except Cs, Ta, Li, Ge, Zn, Nd, Tb and Ta whose values need to be revised. Their precisions were typically lower than 5% RSD. However, the Precisions of Chinese clay reference materials, especially for GBW03102 and GBW03102a, were significantly different with reference values, probably reflecting the existence of a coarser-grained fraction(70 μm) in samples, and the formation of fluorides in Al-rich samples during sample decomposition by using the mixture of HF and HNO3 acids. Moreover, thirty-seven trace elements covering the mass range from Li to U in four Chinese clay reference materials were firstly provided with good precision and accuracy in this study. 相似文献