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 examine in regards to the monetary facets of carbon markets, this booklet analyzes the commercial and monetary results of carbon buying and selling and laws at the inventory industry 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 info for Carbon Finance: How Carbon and Stock Markets are affected by Energy Prices and Emissions Regulations

Sample text

For the rest of the announcements, there is no prior knowledge of when the information will be released. Market efficiency suggests that as new information is released to the market, prices should adjust to a new equilibrium (Fama 1970). Pricing in the new information will temporarily lead to increases in the volatility of carbon returns when the event is unscheduled. An increase in volatility of carbon futures is consistent with the underlying assumption that this information is market moving and leads market participants to act on it.

The acceptance of Phase I NAPs (which refers to the acceptance of the Greek plan on 20 June 2005) also has a statistically significant positive impact on the returns of intraphase EUA futures contracts. 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.

Sectoral coverage will increase after the inclusion of the aviation industry, petrochemicals, ammonia and aluminium in 2013. The inclusion of the shipping, transportation and IT industries has been proposed, with no success as yet. The expanding scope of the EU ETS suggests that more market players will become involved in the market, boosting traded volumes and improving market liquidity. 2 Which Events Can Influence the Market? 1 Types of announcements Types of announcements Total No same-day events No events on days +1 or −1 NAP I: Notification of additional 12 6 2 information NAP I: Notification of amendments 1 0 0 NAP I: Acceptance by the EC 5 2 1 NAP I: Rejection by the EC 3 1 1 NAP II: Leaked information before formal 44 28 10 submission to the EC NAP II: Notification of the plan to the EC 27 16 4 NAP II: Notification of additional 43 35 4 information NAP II: Notification of amended plan 16 8 2 NAP II: Notification of additional 20 16 2 information to amended plan NAP II: Acceptance by the EC 27 13 7 NAP II: Rejection by the EC 12 1 0 NAP II: Withdrawal of a plan 2 1 0 NAP II: Announcements after an official EC 8 6 3 decision Phase III: Emissions caps 15 13 7 Phase III: Auctioning rules 12 11 6 Scope of the EU ETS 32 29 17 CITL–ITL linkage 2 2 2 CERs 8 7 5 Other announcements: UK 8 7 5 Other announcements: Germany 2 2 1 COP/MOP meetings 6 6 4 Verification 2005 6 1 1 Verification 2006 1 0 0 Verification 2007 1 1 1 Verification 2008 4 4 1 Verification 2009 1 1 1 Verification 2010 1 0 0 Total 283 217 87 This table lists all event categories and the number of events in each category.

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