In the absence of a broad international agreement, national climate policies are less efficient, due to carbon leakage, and more costly, due to causing unemployment and a loss of competitiveness on international markets. As, in many countries, a substantial fraction of emissions results from the...

A carbon tax is an efficient economic instrument to reduce emissions of carbon dioxide released from fossil fuel burning. Its impacts on production of renewable energy depend on how it is designed-particularly in the context of the penetration of biofuels into the energy supply mix for road...

Mit 01. Januar 2008 wurde in der Schweiz ein System zum Handel von Emissionsrechten gestartet. Neben der CO2-Abgabe und dem Klimarappen auf Treibstoffe soll diese klimapolitische Massnahme wesentlich zur Erfüllung der Kyoto-Zielreduktion beitragen. Die Schweiz verfolgt zur Senkung der...

Using a panel of 425 European firms over the period from 1990 to 2005, we revisit Welch's (2004) finding that stock returns are the primary determinant of capital structure changes and that the corporate motives for issuing activities remain largely unexplained. We document that about half of...

We use a dynamic framework and panel methodology to investigate the determinants of a firms' time-varying capital structure. Our sample comprises 706 European firms from France, Germany, Italy and the U.K. over the period from 1983 to 2002. If capital structure adjustment is costly, firms may...