Overlapping climate policies can interact in undesired ways. This paper is the first to employ an event study to investigate the interaction of national coal phase-outs and the European emissions trading system (EU ETS) by empirically examining how allowance prices reacted to coal phase-out...

This paper applies the Campbell-Shiller (1988) methodology to estimate a price dividend model with volatility and inflation risk, extending existing models in this field. The model fits the data well over the period 1979-2002 for the Euro Area, but less so for the U.S. The latter is interpreted...

This paper uses an empirical connection between real stock market indices of Germany and the USA for forecasting corresponding returns. We are starting from the random walk as the traditional forecasting model in stock market applications, extending it by co-integration. Since the cointegrating...