Profiting from Regulation: Evidence from the European Carbon Market
研究欧盟碳排放交易体系如何影响企业利润，发现碳价暴跌50%后，碳密集和电力密集行业股价反而下跌，投资者更关注产品价格影响而非合规成本。
We investigate how cap-and-trade regulation affects profits. In late April 2006, the EU CO 2 allowance price dropped 50 percent, equating to a €28 billion reduction in the value of aggregate annual allowances. We examine daily returns for 552 stocks from the EUROSTOXX index. Despite reductions in environmental costs, we find that stock prices fell for firms in both carbon- and electricity-intensive industries, particularly for firms selling primarily within the EU. Our results imply that investors focus on product price impacts, rather than just compliance costs and the nominal value of pollution permits.