Finally, it seems to be working – the evolving valuation effect of the European Union’s emissions trading system
研究欧盟排放交易体系第三阶段（2014-2021年）中，123家上市公司环境新闻的市场反应，发现后期（2017-2020年）正面新闻带来更高回报，表明该体系终于发挥了减排激励作用。
This research examines the market reaction to the publication of firm-specific environmental news for participating firms in the European Union’s Emissions Trading System (EU ETS) during its third phase. Our sample of 123 publicly listed participating firms, located in 21 European countries, accounted for 45.43% of emissions in the EU ETS in 2020. Using an event study methodology during the period 2014–2021, we find that positive news was rewarded with increased returns for publication events related to the latter years of the phase (2017–2020) while it had an insignificant impact for earlier year (2013–2016). This indicates that the EU ETS is finally fulfilling its intended function of incentivising participating firms to reduce their emissions. Our study highlights the contextually contingent nature of the relationship between environmental and financial performance.