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UID:43-39@berlinschoolofeconomics.de
CLASS: PUBLIC
SUMMARY:Finance Research Seminar: Do carbon prices affect stock returns?
DESCRIPTION:Title : Do carbon prices affect stock returns?\n\nSpeaker: Ad
 rian Lam (University of Amsterdam)\n\nTime & venue: 02.02.2023, 14:15 â€
 “ 15:45 / Humboldt-Universität zu Berlin, School of Business and Economi
 cs, Dorotheenstr. 1, Room 405\n\nHost: Max Bruche\n\nAbstract\n\nThe pap
 er studies the relationship between carbon pricing and corporate financial
  performance. The empirical setting exploits time series changes in carbon
  prices and cross-sectional heterogeneity in emissions activities in Phase
  3 of the European Union Emissions Trading Scheme (EU ETS). We find that t
 he relationship between carbon prices and stock returns depends critically
  on the proportion of emissions covered by freely allocated permits: For f
 irms with a significant shortfall in emissions allowances, a 1% increase i
 n daily carbon prices translates into a 0.0121% lower contemporaneous retu
 rns. For firms with freely allocated permits exceeding verified emissions,
  a 1% increase in daily carbon prices translates into a 0.0145% higher con
 temporaneous returns. We provide suggestive evidence that firms with a sig
 nificant permit shortfall reduce EU but not global emissions. Together, ou
 r findings highlight the key challenges for public policy on carbon pricin
 g.\n\nMore information on the seminar website
DTSTAMP:20230929T082858Z
DTSTART:20230202T141500Z
DTEND:20230202T154500Z
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