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Why Hedge? - A Critical Review of Theory and Empirical Evidence -
Ammon, Norbert - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1998
corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that … managers maximise their personal utility rather than the market value of equity. Their hedging strategy, therefore, is …
Persistent link: https://www.econbiz.de/10005098196
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Carbon management: Evidence from case studies of German firms under the EU ETS
Heindl, Peter; Lutz, Benjamin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012
This paper examines the management practices of German firms with obligations under the EU Emissions Trading Scheme (EU ETS) based on six structured in-depth interviews with managers of firms from different industries and based on survey data. The paper sheds light on management and trading...
Persistent link: https://www.econbiz.de/10010957643
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Transaction costs and tradable permits: Empirical evidence from the EU emissions trading scheme
Heindl, Peter - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012
In this paper, transaction costs in the EU emissions trading scheme (EU ETS) are examined empirically based on survey data from German companies. Transaction costs from measurement, reporting and verification (MRV) of emissions, permit trading and general informational costs are considered....
Persistent link: https://www.econbiz.de/10010957744
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A practical approach to offset permits in post Kyoto climate policy
Heindl, Peter; Voigt, Sebastian - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011
International Carbon Offsets from developing countries and emerging economies such as permits from the Clean Development Mechanism (CDM) will potentially play an important role for cost containment in domestic greenhouse gas regulation schemes in industrialised countries. We analyse the...
Persistent link: https://www.econbiz.de/10009211176
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The impact of informational costs in quantity regulation of pollutants. The case of the European Emissions Trading Scheme
Heindl, Peter - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011
There is extreme heterogeneity of firms regulated under the European Emissions Trading Scheme (EU ETS) in terms of emissions evels and employed technology. We present a model that shows that behavior of firms under quantity regulation can differ strongly, dependent on the characteristics of the...
Persistent link: https://www.econbiz.de/10009211177
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Understanding the competitiveness implications of future phases of EU ETS on the industrial sectors
Oberndorfer, Ulrich; Alexeeva-Talebi, Victoria; … - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010
In making key decisions for the future phases of the European Union Emissions Trading Scheme (EU ETS), policy makers need to fully understand the competitiveness implications of these decisions on industrial sectors. In this paper, we conduct an empirical analysis of cost pass-through ability of...
Persistent link: https://www.econbiz.de/10008548756
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Efficiency Losses from Overlapping Economic Instruments in European Carbon Emissions Regulation
Böhringer, Christoph; Koschel, Henrike; Moslener, Ulf - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2006
Energy markets and energy-intensive industries in all EU member states – especially in Germany – are subject to a diverse set of policies related to climate change. We analyse the potential efficiency losses from simultaneous application of emission taxes and emissions trading in qualitative...
Persistent link: https://www.econbiz.de/10005097507
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A European Perspective on Recent Trends in U.S. Climate Policy
Moslener, Ulf; Sturm, Bodo - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008
Without participation of the United States, the world?s largest emitter of greenhouse gases, mitigation of global climate change seems hardly conceivable. Despite the U.S. rejection of the Kyoto Protocol and the reluctance of the Bush administration to engage in Post-Kyoto negotiations, recent...
Persistent link: https://www.econbiz.de/10005097567
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Contraction of global carbon emissions: how acceptable are alternative emission entitlement schemes
Böhringer, Christoph; Welsch, Heinz - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001
The allocation of emissions entitlements across countries is the single most controversial issue in international climate policy. Extreme positions within the policy debate range from entitlement based on current emission patterns (CEP) to equal-per-capita (EPC) allocations.Convergence (COV)...
Persistent link: https://www.econbiz.de/10005097632
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Developing Supra-European Emissions Trading Schemes: An Efficiency and International Trade Analysis
Alexeeva-Talebi, Victoria; Anger, Niels - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007
Given the coexistent EU priorities concerning the competitiveness of European industries and international emissions regulation at the company level, this paper assesses the efficiency and competitiveness implications of linking the EU Emissions Trading Scheme (ETS) to emerging trading schemes...
Persistent link: https://www.econbiz.de/10005097789