Download Carbon Finance: How Carbon and Stock Markets are affected by by Yulia Veld-Merkoulova, Svetlana Viteva PDF

By Yulia Veld-Merkoulova, Svetlana Viteva

Maximizing reader insights into the methodologies and state-of-the-art learn in regards to the monetary points of carbon markets, this e-book analyzes the commercial and monetary results of carbon buying and selling and laws at the inventory marketplace costs of person businesses in addition to the joint results of rules and of the costs of oil and fuel at the costs and volatility of the traded carbon securities.

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Extra resources for Carbon Finance: How Carbon and Stock Markets are affected by Energy Prices and Emissions Regulations

Sample text

As hypothesized, NAP rejection is associated with statistically meaningful positive abnormal returns for Phase I EUA futures. This category of announcement is represented by the rejection of the British plan by the EC on 22 February 2006. It was the plan’s second rejection, even though the Court of First Instance had already ruled in favour of the UK and against the EC’s original restrictive decision not to allow the UK an increase in allowances. 9 Quoted Settlement Prices (QSPs) are used by the European Climate Exchange to interpolate QSPs for those contract months for which no quoted prices are received from market participants of for which no bid or offer quotes are made.

3 depicts the price development of intra- and interphase EUA futures contracts over the full-crisis period. A short-lived rally in early 2008 was quickly replaced by a steady price decline against the backdrop of a growing sovereign debt crisis in Europe. 2009 and 2010 were marked by fairly stable EUA prices, within the narrow range of €12–15 per tonne of CO2. The results of Eq. 4. 89 %), respectively. The decline in the coefficients of determination implies that less of the variation in carbon prices can be attributed to institutional announcements.

In 2010, 60 % believed that an agreement would be delayed until later in the following year. 2 %. 4, but using the full sample that includes all the observations and is not corrected for the confounding effects of simultaneous announcements. 04), most of the results for the type of the announcements remain the same. This confirms that results of this analysis are robust to the sample selection procedure. In addition, it can be observed that NAP II rejection events are associated with significant negative returns in line with the expectations.

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