Replication data for: Profiting from Regulation: Evidence from the European Carbon Market
Principal Investigator(s): View help for Principal Investigator(s) James B. Bushnell; Howard Chong; Erin T. Mansur
Version: View help for Version V1
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Project Citation:
Bushnell, James B., Chong, Howard, and Mansur, Erin T. Replication data for: Profiting from Regulation: Evidence from the European Carbon Market. Nashville, TN: American Economic Association [publisher], 2013. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-13. https://doi.org/10.3886/E114845V1
Project Description
Summary:
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We investigate how cap-and-trade regulation affects profits. In late
April 2006, the EU CO2 allowance price dropped 50 percent, equating
to a €28 billion reduction in the value of aggregate annual allowances.
We examine daily returns for 552 stocks from the EUROSTOXX
index. Despite reductions in environmental costs, we find that stock
prices fell for firms in both carbon- and electricity-intensive industries,
particularly for firms selling primarily within the EU. Our
results imply that investors focus on product price impacts, rather
than just compliance costs and the nominal value of pollution permits.
Scope of Project
JEL Classification:
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G12 Asset Pricing; Trading Volume; Bond Interest Rates
G14 Information and Market Efficiency; Event Studies; Insider Trading
L94 Electric Utilities
Q53 Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
Q54 Climate; Natural Disasters and Their Management; Global Warming
Q58 Environmental Economics: Government Policy
G12 Asset Pricing; Trading Volume; Bond Interest Rates
G14 Information and Market Efficiency; Event Studies; Insider Trading
L94 Electric Utilities
Q53 Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
Q54 Climate; Natural Disasters and Their Management; Global Warming
Q58 Environmental Economics: Government Policy
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