EU Emission Allowances and the Stock Market: Evidence from the Electricity Industry

By Ulrich Oberndorfer. 2009

267 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/cd833a8803cbb32ae8539501930354ca670f8123

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

Citations in the corpus

What explains the short-term dynamics of the prices of CO2 emissions? (2014, background): “Along the same line, Oberndorfer (2009) identifies a positive relationship between the CO2 prices and the stock returns in the electricity sector.”
A model of carbon price interactions with macroeconomic and energy dynamics (2011, methodology): “…the issue #35 of the Tendances Carbone newsletter, CDC Climat Research, Paris. demand-driven factors, which have been shown to vary nonlinearly with other energy market shocks (see Alberola et al. (2008b), Bunn and Fezzi (2009), Oberndorfer (2009), Hintermann (2010),MansanetBataller et al. (2011)).”
Does the carbon market help or hurt the stock price of electricity companies? Further evidence from the European context (2016, methodology): “The sample period for Phase I in this study is different from Oberndorfer (2009b).”
Why does emissions trading under the EU Emissions Trading System (ETS) not affect firms’ competitiveness? Empirical findings from the literature (2018, background): “Another indication for windfall profits due to high PTRs in the power sector is the positive evaluation of increasing EUA prices on the stock market (Bushnell et al., 2013; Oberndorfer, 2009; Veith et al., 2009).”
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…”
An overview of current research on EU ETS: Evidence from its operating mechanism and economic effect (2010, background): “Oberndorfer [15] was the first econometric literature to explore the relation between carbon market and stock market by means of the panel GARCH approach, arguing that carbon price change was positively related to the stock returns of the most important European electricity corporations.”
Research on carbon market price mechanism and influencing factors: a literature review (2018, background): “Oberndorfer (2009) pointed out that there was a significantly positive correlation between the carbon price and stock markets.”