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Absolute abundance and relative scarcity : announced policy, resource extraction, and carbon emissions

Di Maria, Corrado; Smulders, Sjak; Van der Werf, Edwin - 2008

We study the effectiveness of climate change policy in a model with multiple non-renewable resources that differ in their carbon content. We find that, when allowing some time between announcement and implementation of a cap on carbon dioxide emissions, emissions from non-renewable energy...

Persistent link: https://www.econbiz.de/10008799171

The effect of U.S. climate policy on financial markets : an event study of the inflation reduction act

Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D. - 2023

The Inflation Reduction Act of 2022 (IRA) represents the largest climate policy action ever undertaken in the United States. Its legislative path was marked by two abrupt shifts as the likelihood of climate policy action fell to near zero and then rose to near certainty. We investigate equity...

Persistent link: https://www.econbiz.de/10014422560

Do Carbon Prices Affect Stock Prices?

Bolton, Patrick; Lam, Adrian; Muûls, Mirabelle - 2023

We explore how carbon pricing affects corporate financial performance. Our setting exploits time series changes in European carbon allowance prices and cross-sectional heterogeneity in carbon emissions during Phase 3 of the European Union Emissions Trading Scheme (EU ETS). We find that the...

Persistent link: https://www.econbiz.de/10014254399

Carbon Policy Surprises and Stock Returns : Signals from Financial Markets

Hengge, Martina; Panizza, Ugo; Varghese, Richard - 2023

Understanding the impact of climate mitigation policies is key to designing effective carbon pricing tools. We use institutional features of the EU Emissions Trading System (ETS) and high-frequency data on more than 2,000 publicly listed European firms over 2011-21 to study the impact of carbon...

Persistent link: https://www.econbiz.de/10014257754

Emission Permits and the Announcement of Realized Emissions : Price Impact, Trading Volume, and Volatilities

Hitzemann, Steffen - 2016

This paper investigates the impact of the yearly announcement of realized emissions on the European carbon permit market. We find that this event generally leads to significant absolute abnormal returns on the event day, which are accompanied by increased trading volumes and high intraday...

Persistent link: https://www.econbiz.de/10013007371

Putting Coal to Sleep in the Waterbed : An Empirical Assessment of EU ETS Price Reactions to Coal Phase-Out Announcements

Grunau, Jonas - 2023

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 announcements and related events. A negative price reaction would …, this study finds no consistent evidence of statistically significant price changes across 15 coal phase-out announcements …

Persistent link: https://www.econbiz.de/10014345892

EU emission allowances and the stock market : evidence from the electricity industry

Oberndorfer, Ulrich (contributor) - 2008

This paper constitutes to our best knowledge the first econometric analysis on stock market effects of the EU Emission Trading Scheme (EU ETS). Our results suggest that EU Emission Allowance (EUA) price developments matter to the stock performance of electricity firms: EUA price changes and...

Persistent link: https://www.econbiz.de/10003745110

EU Emission Allowances and the stock market : evidence from the electricity industry

Oberndorfer, Ulrich - In: Ecological economics : the transdisciplinary journal of … 68 (2009) 4, pp. 1116-1126

Persistent link: https://www.econbiz.de/10003866752

The Effect of the Fukushima Nuclear Accident on Stock Prices of Electric Power Utilities

Kawashima, Shingo - 2013

The purpose of this study is to investigate the effect of the accident at the Fukushima Daiichi nuclear power station, which is owned by Tokyo Electric Power Co. (TEPCO), on the stock prices of the other electric power utilities in Japan. Because the other utilities were not directly damaged by...

Persistent link: https://www.econbiz.de/10013091834

Electricity Futures Prices : Time Varying Sensitivity to Fundamentals

Fleten, Stein-Erik - 2016

fundamentals such as natural gas, coal and emission rights are not constant and vary over time. We test this view by applying a …

Persistent link: https://www.econbiz.de/10013006138

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