| 来源类型 | Working papers |
| 规范类型 | 论文 |
| DOI | 10.3929/ethz-a-010733886 |
| Voluntary corporate climate initiatives and regulatory loom: batten down the hatches | |
| Ilic, Dragan; Mollet, Janick C. | |
| 发表日期 | 2016-10 |
| 出版者 | ETH Zurich, Center of Economic Research (CER-ETH) |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | The rationale of voluntary corporate initiatives is often explained with anticipation of future regulation. We test this hypothesis for the Chicago Climate Exchange (CCX) and the Climate Leaders (CL), two popular voluntary US environmental programs to curb carbon emission that were operating during a decisive regulatory event. In 2009 the Waxman-Markey Bill surprisingly passed the House of Representatives and brought the US economy a big step closer to a nationwide CO2 emission trading system. In an event study we assess how the stock market adjusted prices when the likelihood of CO2 regulation unexpectedly increased. We develop a simple model to investigate the empirical results. Our findings suggest that only membership in the CCX was considered beneficial, an initiative whose market oriented design happened to dove tail with the bill’s. Earlier stock market reactions to membership announcements in these voluntary programs paint a complementary picture. But membership alone cannot account for the entire price adjustments. Our results show that a substantial part of the market reaction can be traced back to industry-wide effects. |
| 主题 | Voluntary markets ; Permit markets ; Climate change ; Greenhouse gas emissions ; CO2 ; Corporate social responsibility ; Shareholder wealth |
| URL | https://www.research-collection.ethz.ch/handle/20.500.11850/123529 |
| 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/266771 |
| 推荐引用方式 GB/T 7714 | Ilic, Dragan,Mollet, Janick C.. Voluntary corporate climate initiatives and regulatory loom: batten down the hatches. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| eth-49748-01.pdf（1751KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
| eth-49748-01.jpg（3KB） | 智库出版物 | 限制开放 | CC BY-NC-SA |  浏览 | ||
| 文件名： | eth-49748-01.jpg |
| 格式： | JPEG |
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