1,313
Views
17
CrossRef citations to date
0
Altmetric
Research Articles

Carbon prices and firms' financial performance: an industry perspective

&

References

  • Aatola P, Ollikainen M, Toppinen A. Price determination in the EU ETS market: Theory and econometric analysis with market fundamentals. Energy Economics 36, 380–395 (2013).
  • Alborela E, Chevallier J. European carbon prices and banking restrictions: Evidence from Phase I (2005-2007). Energy Journal 30, 51–80 (2009).
  • Alborela E, Chevallier J, Cheze B. Price drivers and structural breaks in European carbon prices 2005-2007. Energy Policy 36, 787–797(2008).
  • Arjaliès D, Ponssard J. A managerial perspective on the Porter hypothesis. In: Crifo P, Ponssard J. (Eds.), Corporate Social Responsibility: From Compliance to Opportunity? Paris: Les Éditions de l'École Polytechnique, 151–168 (2010).
  • Benz E, Trück S. Modeling the price dynamics of CO2 emission allowances. Energy Economics 31, 4–15 (2009).
  • Borenstein S, Cameron AC, Gilbert R. Do gasoline prices respond asymmetrically to crude oil price changes? Quarterly Journal of Economics 122, 305–359 (1997).
  • Boyer MM, Filion D. Common and fundamental factors in stock returns of Canadian oil and gas companies. Energy Economics 29, 428–453 (2007).
  • Busch T, Hoffmann VH. Emerging carbon constraints for corporate risk management. Ecological Economics 62, 518–528 (2007).
  • Chevallier J. Carbon futures and macroeconomic risk factors: A view from the EU ETS. Energy Economics 31, 614–625 (2009).
  • Creti A, Jouvet PA, Mignon V. Carbon price drivers: Phase I versus Phase II equilibrium? Energy Economics 34, 327–334 (2012).
  • Demailly D, Quirion, P. CO2 abatement, competitiveness and leakage in the European cement industry under the EU ETS: grandfathering versus output-based allocation. Climate Policy 6, 93–113 (2006).
  • Demailly D, Quirion, P. European emission trading scheme and competitiveness: A case study on the iron and steel industry. Energy Economics 30, 2009–2027 (2008).
  • Ellerman AD, Buchner B. The European Union Emissions Trading Scheme: Origins, allocation, and early results. Review of Environmental Economics and Policy 1, 66–87 (2007).
  • Ellerman AD, Buchner B. Over-allocation or abatement? A preliminary analysis of the EU ETS based on 2005 emissions data. Environmental and Resource Economics 41, 267–287 (2008).
  • Feng Z, Zou L, Wei Y. Carbon price volatility: Evidence from EU ETS. Applied Energy 88, 590–598 (2011).
  • Huang RD, Masulis RW, Stoll HR. Energy shocks and financial markets. Journal of Futures Markets 16, 1–27 (1996).
  • Hsu J. Cap-Weighted Portfolios are Sub-optimal Portfolios. Journal of Investment Management 4 (3): 1–10 (2006).
  • IEA. Tracking Industrial Energy Efficiency and CO2 Emissions. OECD/IEA, Paris (2007).
  • Jones CM, Kaul G. Oil and the stock markets. Journal of Finance 51, 463–491 (1996).
  • Koch N, Bassen A. Valuing the carbon exposure of European utilities. The role of fuel mix, permit allocation and replacement investments. Energy Economics 36, 431–443 (2013).-
  • Kossoy A, Guigon, P. States and Trends of the Carbon Market 2012. World Bank, Washington D.C. (2012).
  • Löfgren A, Wråke M, Hagberg T, Roth S. Why the EU ETS needs reforming: an empirical analysis of the impact on company investments. Climate Policy 14, 537–558 (2014).
  • Mansanet-Bataller M, Pardo A, Valor E. CO2 prices, energy and weather. Energy Journal 28, 73–92 (2007).
  • Martin R, Muûls M, Wagner U. The impact of the EU ETS on regulated firms: What is the evidence after eight years? Available at SSRN: http://ssrn.com/abstract=2344376 or http://dx.doi.org/10.2139/ssrn.2344376 (2014).
  • Mizrach B, Otsubo Y. The market microstructure of the European climate exchange. Journal of Banking and Finance 39, 107–116 (2014).
  • Petrick S, Wagner UJ. The Impact of Carbon Trading on Industry: Evidence from German Manufacturing Firms. Kiel Working Papers 1912, Kiel Institute for the World Economy (2014).
  • Oberndorfer U. EU emission allowances and the stock market: Evidence from the electricity industry. Ecological Economics 68, 1116–1126 (2009).
  • Gronwald M, Ketterer J, Trück S. The relationship between carbon, commodity and financial markets. The Economic Record 87, 105–124 (2011).
  • Ponssard J, Walker N. EU emissions trading and the cement sector: A spatial competitive analysis. Climate Policy 8, 467–493(2008).
  • Sadorsky P. Oil price shocks and stock market activity. Energy Economics 21, 449–469 (1999).
  • Sadorsky P. Risk factors in stock returns of Canadian oil and gas companies. Energy Economics 23, 17–28 (2001).
  • Scholtens B, Yurtsever C. Oil price shocks and European industries. Energy Economics, 34, 1187–1195 (2012).
  • Seifert J, Uhrig-Homburg M, Wagner M. Dynamic behavior of CO2 spot prices. Journal of Environmental Economics and Management 56, 180–194 (2008).
  • Sharpe WF. Capital asset prices: A theory of market equilibrium under conditions of risk. Journal of Finance 19, 425–442 (1964).
  • Smale R, Hartley M, Hepburn C, Ward J, Grubb M. The impact of CO2 emissions trading on firm profits and market prices. Climate Policy 6, 31–48 (2006).
  • Veith S, Werner JR, Zimmermann J. Capital market response to emission rights returns: Evidence from the European power sector. Energy Economics 31, 605–613 (2009).
  • Zachman G, Von Hirschhausen C. First evidence of asymmetric cost pass-through of EU emissions allowances: Examining wholesale electricity prices in Germany. Economics Letters 99, 465–469 (2008).
  • Gronwald M, Ketterer J, Trück S. The relationship between carbon, commodity and financial markets. The Economic Record 87, 105–124 (2011).

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.