全球智库信息集成服务系统(G2TT): Verified emissions and stock prices: Is there a link? - An empirical analysis of the European Emission Trading Scheme

G2TT

来源类型	Working papers
规范类型	论文
DOI	10.3929/ethz-a-007350279
	Verified emissions and stock prices: Is there a link? - An empirical analysis of the European Emission Trading Scheme
	Schmidt, Peter S.; Werner, Therese
发表日期	2012-08
出版者	ETH Zurich, Center of Economic Research (CER-ETH)
出版年	2012
语种	英语
摘要	This study examines the relation of stock returns and the announcements on verified emissions in the European Emission Trading Scheme (EU ETS). In a first step we employ event study methods to detect possibly abnormal returns on the respective announcement dates using a sample of quoted stock market firms from Austria, Denmark, Germany and the UK. In a second step we link the estimated abnormal returns to firm characteristics based on the EU ETS (such as verified emissions or over-allocation) as well as to financial firm level data in a cross-sectional analysis. Even though the overall cost from the new regulation on the individual firms was minor, we find evidence for the asset value hypothesis, which states that higher verified emissions induce a higher future permit allocation. This suggests that investors did not perceive the EU ETS in its first set-up as an efficient and effective environmental policy instrument.
主题	Event study ; European emission trading scheme ; Regulation ; Verified emissions ; Emission trade
URL	https://www.research-collection.ethz.ch/handle/20.500.11850/59368
来源智库	Centre for Energy Policy and Economics (Switzerland)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/266712
推荐引用方式 GB/T 7714	Schmidt, Peter S.,Werner, Therese. Verified emissions and stock prices: Is there a link? - An empirical analysis of the European Emission Trading Scheme. 2012.

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eth-5911-01.pdf（1438KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
eth-5911-01.jpg（3KB）	智库出版物		限制开放	CC BY-NC-SA	浏览