Carbon Finance: How Carbon and Stock Markets are affected by by Yulia Veld-Merkoulova, Svetlana Viteva PDF

By Yulia Veld-Merkoulova, Svetlana Viteva

ISBN-10: 3319254103

ISBN-13: 9783319254104

ISBN-10: 331925412X

ISBN-13: 9783319254128

Maximizing reader insights into the methodologies and state-of-the-art examine about the monetary facets of carbon markets, this publication analyzes the commercial and fiscal results of carbon buying and selling and laws at the inventory marketplace costs of person businesses in addition to the joint results of laws and of the costs of oil and gasoline at the costs and volatility of the traded carbon securities.

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Extra info for Carbon Finance: How Carbon and Stock Markets are affected by Energy Prices and Emissions Regulations

Example text

1. 1 graphically presents the variety of announcements examined. These broadly encompass the following: • Phase I NAP announcements (including notifications of additional information to submitted NAPs and EC decision on the NAPs). Announcements regarding the first trading period are included in the analysis as Phase I was launched before all the allocation plans were approved. The Greek plan, for instance, was accepted by the EC 6 months after the official launch of the ETS, in June of 2005. • Phase II NAP announcements (including information releases about Phase II NAPs before their formal submission to the EC—government publications outlining proposed allocation plans, disclosure of plans for public discussion before formal submission to the EC, NAP information leaked by EC or government representatives in industry newswires like Point Carbon; initial notifications of plans to the EC whereby member states officially submit their proposal to the EC; notifications of revision to the proposed plans; and EC decisions).

283 announcements are identified over the period 22/04/2005 to 30/06/2011. An announcement is retained in the final sample (Footnote 8 continued) 10-day estimation window. The sample of events is substantially reduced but the results are quantitatively and qualitatively identical. 32 3 Do Regulations Affect Carbon Market Returns and Volatility? if all of the following conditions are met. First, there can be no same-day announcements which belong to different categories. For example, on 15 December 2006 the Netherlands notified the EC of additional information to their already submitted Phase II NAP while Italy submitted its plan for the first time.

We decide in favour of this methodology as it allows us to control for changes in key carbon price drivers and to obtain more robust estimates of abnormal returns. The empirical analysis is made up of two parts. 1. We then analyse the same price effects in the context of a multivariate analysis where carbon returns are presented as a function of economic indicators, energy costs and extreme weather. This multifactor model is the focus of the chapter. All regressions are estimated by applying Newey-West standard errors to prevent biases stemming from heteroscedasticity and autocorrelation.

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Carbon Finance: How Carbon and Stock Markets are affected by Energy Prices and Emissions Regulations by Yulia Veld-Merkoulova, Svetlana Viteva


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