摘要 :
Der vorliegende Beitrag untersucht, ob ein Zusammenhang zwischen der Aufnahme eines Unternehmens in einen Nachhaltigkeitsindex und dessen B?rsenkurs besteht. Auf Basis der Ereignisstudienmethodik wird untersucht, ob die Aufnahme i...
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Der vorliegende Beitrag untersucht, ob ein Zusammenhang zwischen der Aufnahme eines Unternehmens in einen Nachhaltigkeitsindex und dessen B?rsenkurs besteht. Auf Basis der Ereignisstudienmethodik wird untersucht, ob die Aufnahme in Dow Jones Sustainability Indices Einfluss auf den B?rsenwert von DAX30-Unternehmen hat. Darüber hinaus werden im Rahmen multipler Regressionsanalysen wesentliche strukturelle und temporale Bestimmungsfaktoren für die Ver?nderung des B?rsenwertes identifiziert. Die Ergebnisse der Analyse suggerieren, dass insgesamt die Aufnahme in einen der Dow Jones Sustainability Indices keinen signifikanten Einfluss auf die Aktienrenditen der aufgenommenen Unternehmen hat. Im Zeitablauf zeigt sich, dass anschlie?end an eine erste negative Reaktion - wenn auch verz?gert - ein kompensierender positiver Finanzmarkteffekt durch Aufnahme in Nachhaltigkeits-indices auftritt. Dieser beschr?nkt sich allerdings auf Unternehmen aus relativ nachhaltig wirtschaftenden Branchen.
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Using a panel of west German states (Lander,) for the period 1985 to 2002 we analyse potential effects of demographic change and political constellations on higher education spending, as suggested by recent literature on the polit...
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Using a panel of west German states (Lander,) for the period 1985 to 2002 we analyse potential effects of demographic change and political constellations on higher education spending, as suggested by recent literature on the political economy of the determination of public expenditures. We find empirical evidence for the hypothesis of a negative relationship between demographic aging and higher spending on public education. In contrast to the hypothesis of the classical partisan theory that implies higher public expenditures under leftist parties, we find that governments under conservative parties or a coalition between social democrats and conservatives spend more on public higher education than governments run by the social-democratic party alone.
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In this paper, we analyse different approaches that are available in order to assess the impacts of the EU ETS on costs and competitiveness in Europe. In this respect, we focus on existing simulation studies. We have identified th...
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In this paper, we analyse different approaches that are available in order to assess the impacts of the EU ETS on costs and competitiveness in Europe. In this respect, we focus on existing simulation studies. We have identified the choice of the reference scenario as the most critical issue for an appropriate analysis of the relevant approaches. We find, however, that effects of the scheme on costs and competitiveness are modest, even given the business as usual case that does not take the legally binding framework of the Kyoto Protocol into account. Furthermore, the impacts of the EU ETS are smaller than the impacts of alternative Kyoto-based regulation scenarios. Compared with these other regulation methods ETSs can have positive competitiveness effects. However, the EU ETS is not designed to boost Europe's economy. Its prime purpose and justification is to ensure that Europe's CO_2 emissions are brought down and Kyoto targets are reached at minimal costs. In our opinion, it is therefore important that the system as well as modifications to it do not undermine the environmental goals associated with this policy instrument.
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This paper empirically analyzes the effect of the inclusion of German corporations in the Dow Jones STOXX Sustainability Index (DJSI STOXX) and the Dow Jones Sustainability World Index (DJSI World) on stock performance. In order t...
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This paper empirically analyzes the effect of the inclusion of German corporations in the Dow Jones STOXX Sustainability Index (DJSI STOXX) and the Dow Jones Sustainability World Index (DJSI World) on stock performance. In order to receive robust estimation results, we apply an (short-term) event study approach that is based on both a modern asset pricing model, namely the three-factor model according to Fama and French [24], and additionally a t-GARCH(1.1) model. Our empirical results suggest that stock markets may penalize the inclusion of a firm in sustainability stock indexes. This finding is mainly driven by a strongly negative effect of the inclusion in the DJSI World. In contrast, we do not find significant average cumulative abnormal returns for the inclusion in the DJSI STOXX. This suggests that the inclusion in a more visible sustainability stock index may have larger negative impacts.
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This paper constitutes - to our best knowledge - the first econometric analysis on stock market effects of the EU Emission Trading Scheme (EU ETS). Our results suggest that EU Emission Allowance (EUA) price developments matter to ...
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This paper constitutes - to our best knowledge - the first econometric analysis on stock market effects of the EU Emission Trading Scheme (EU ETS). Our results suggest that EU Emission Allowance (EUA) price developments matter to the stock performance of electricity firms: EUA price changes and stock returns of the most important European electricity corporations are shown to be positively related. This effect does not work asymmetrically, so that stock markets do not seem to react differently to EUA appreciations in comparison to depreciations. The carbon market effect is shown to be both time- and country-specific: It is particularly strong for the period of EUA market shock in early 2006, and differs with respect to the countries where the electricity corporations analysed are headquartered. Stock market reactions to EUA volatility could not be shown.
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This paper empirically investigates the role of the EU Emissions Trading Scheme (EU ETS) for firm performance and employment in Germany. We provide an overview of relative allowance allocation within the EU ETS as well as an econo...
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This paper empirically investigates the role of the EU Emissions Trading Scheme (EU ETS) for firm performance and employment in Germany. We provide an overview of relative allowance allocation within the EU ETS as well as an econometric analysis for a large sample of German firms covered by the scheme in order to assess the impacts of EU emissions regulation on both firm revenues and employment. The dataset indicates that the EU ETS was in an overall long position in 2005, although allowance allocation was very heterogeneous across member states. Our econometric analysis suggests that, within the first phase of the EU ETS, relative allowance allocation did not have a significant impact on firm performance and employment of regulated German firms.
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In view of the controversial policy debate on "green" growth and corresponding stimulus packages we empirically investigate the production effects of environmental investment as well as of environmental and energy expenditures. Us...
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In view of the controversial policy debate on "green" growth and corresponding stimulus packages we empirically investigate the production effects of environmental investment as well as of environmental and energy expenditures. Using a panel dataset of German manufacturing sectors our econometric analysis identifies a positive impact of environmental investment on production growth. In contrast, our estimation results cannot support the hypothesis of positive production impacts induced by environmental or energy expenditures. We thus conclude that environmental regulation should in particular stimulate environmental investment in order to be compatible with the pursuit of production growth.
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This paper constitutes a first analysis on stock returns of energy corporations from the Eurozone. It focuses on the relationship between energy market developments and the pricing of European energy stocks. According to our resul...
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This paper constitutes a first analysis on stock returns of energy corporations from the Eurozone. It focuses on the relationship between energy market developments and the pricing of European energy stocks. According to our results, oil price hikes negatively impact on stock returns of European utilities. However, they lead to an appreciation of oil and gas stocks. Interestingly, forecastable oil market volatility negatively affects European oil and gas stocks, implying profit opportunities for strategic investors. In contrast, the gas market does not play a role for the pricing of Eurozone energy stocks. Coal price developments affect the stock returns of European utilities. However, this effect is small compared to oil price impacts, although oil is barely used for electricity generation in Europe. This suggests that for the European stock market, the oil price is the main indicator for energy price developments as a whole.
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摘要 :
Indicators are more and more drawn on for policy making and assessment. This is also true for energy policy. However, while numerous different energy price figures are available, subordinate energy cost indicators are lacking. Thi...
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Indicators are more and more drawn on for policy making and assessment. This is also true for energy policy. However, while numerous different energy price figures are available, subordinate energy cost indicators are lacking. This paper lays out a general concept for such indicator sets and presents a flexible framework for representative and consistent energy cost indicators with an underlying weighting principle based on consumption shares. Their application would provide interesting new insights into the relationship between energy cost burdens of different sectors and countries. It would allow for more rigorous analysis in the field of energy economics and policy, particularly with regard to market monitoring and impact assessment as well as ex-post-policy analysis.
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