Show simple item record

dc.contributor.authorTian, Yuan
dc.contributor.authorAkimov, Alexandr
dc.contributor.authorRoca, Eduardo
dc.contributor.authorWong, Victor
dc.date.accessioned2018-11-13T03:36:24Z
dc.date.available2018-11-13T03:36:24Z
dc.date.issued2016
dc.identifier.issn0959-6526
dc.identifier.doi10.1016/j.jclepro.2015.07.028
dc.identifier.urihttp://hdl.handle.net/10072/99325
dc.description.abstractThe electricity sector is the largest participant in the European Union Emissions Trading Scheme (EU-ETS). This paper studies how the European Union Allowance (EUA) market – the carbon market in the European Union (EU) – has impacted the magnitude and volatility of stock returns of electricity companies in the EU-ETS. The investigation is undertaken for both Phases I and II of the EU-ETS based on simple OLS, panel data and time-series analysis. The results indicate that the relationship between the EUA market and stock returns of electricity companies was largely driven by strong market shocks recorded in both periods. If the market shock impact is controlled, this relationship depends on the carbon intensity of the electricity generators. The stock returns of carbon-intensive companies are negatively affected by the EUA returns, while the opposite is true for less carbon-intensive producers. The volatility of stock returns of electricity companies is significantly driven in the same direction by the volatility of the EUA market.
dc.description.peerreviewedYes
dc.languageEnglish
dc.publisherElsevier
dc.relation.ispartofpagefrom1619
dc.relation.ispartofpageto1626
dc.relation.ispartofjournalJournal of Cleaner Production
dc.relation.ispartofvolume112
dc.subject.fieldofresearchInvestment and Risk Management
dc.subject.fieldofresearchEnvironmental Engineering
dc.subject.fieldofresearchManufacturing Engineering
dc.subject.fieldofresearchInterdisciplinary Engineering
dc.subject.fieldofresearchcode150205
dc.subject.fieldofresearchcode0907
dc.subject.fieldofresearchcode0910
dc.subject.fieldofresearchcode0915
dc.titleDoes the Carbon Market Help or Hurt the Stock Price of Electricity Companies? Further Evidence from the European Context
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.hasfulltextNo Full Text
gro.griffith.authorRoca, Eduardo D.
gro.griffith.authorWong, Victor
gro.griffith.authorAkimov, Alexandr
gro.griffith.authorTian, Yuan


Files in this item

FilesSizeFormatView

There are no files associated with this item.

This item appears in the following Collection(s)

  • Journal articles
    Contains articles published by Griffith authors in scholarly journals.

Show simple item record