This paper examines the impacts of the EU Emissions Trading System (ETS) on the environmental and economic performance of Norwegian plants. The ETS is regarded as the cornerstone climate policy in the EU and Norway, but there has been considerable debate regarding its effects due to low quota...

Firms face considerable uncertainty in their regulatory environment, including uncertainty regarding whether and how newly passed policies will be implemented, especially in federated government structures. Although firms can wait until the uncertainty is resolved, they will also lose a...