Capital market response to emission rights returns: Evidence from the European power sector☆

By S. Veith, Jörg R. Werner, Jochen Zimmermann. 2009

169 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/53195e42461f543198683897c1b6a67f3fad23c8

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Yue‐Jun Zhang
2. Yi-Ming Wei
3. Erin T. Mansur
4. A. Akimov
5. Eugénie Joltreau
6. E. Roca
7. Howard Chong
8. James Bushnell

In Finance

1. Yue‐Jun Zhang
2. A. Akimov
3. E. Roca
4. James Bushnell
5. Yi-Ming Wei
6. Victor S. H. Wong
7. Yuan Tian

Citations in the corpus

• An overview of current research on EU ETS: Evidence from its operating mechanism and economic effect (2010, background): “[37] discussed the relationship between the carbon price and the stock price return of European power generation companies.”
• Profiting from Regulation: Evidence from the European Carbon Market (2013, background): “Two similar papers, Veith, Werner, and Zimmermann (2009), and Oberndorfer (2009) examine stock market returns of electricity companies using a panel regression of share prices on C O 2 prices throughout the phase I period.”
• Does the carbon market help or hurt the stock price of electricity companies? Further evidence from the European context (2016, background): “Notable exceptions are studies of Oberndorfer (2009b), and Veith, Werner, and Zimmermann (2009), which investigated the EUA market from a finance perspective.”
• Dynamics of China’s carbon prices in the pilot trading phase (2017, background): “Oberndorfer (2009) and Veith et al. (2009) demonstrate that the most affected companies’ (i.e. electricity) stock returns under the EU-ETS are positively correlated with carbon prices and conclude that firms can not only pass the regulatory burden to customers but also gain profits by…”
• Why does emissions trading under the EU Emissions Trading System (ETS) not affect firms’ competitiveness? Empirical findings from the literature (2018, background): “Therefore, many power firms used to have a historical monopoly in delivering electricity implying a strong market position, especially in retail markets (EU Commission, 2011; Veith et al., 2009).”