Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
The Impact of Environmental Policy on Firm Values: An Event Study of Information Disclosure in the EU Emissions Trading Scheme
Luleå University of Technology, Department of Business Administration, Technology and Social Sciences.
Luleå University of Technology, Department of Business Administration, Technology and Social Sciences.
2017 (English)Independent thesis Advanced level (degree of Master (One Year)), 240 HE creditsStudent thesis
Abstract [en]

The purpose of this paper was to examine reactions on the stock market, due to the reporting of emissions and emission allowances of the European Union Emissions Trading Scheme (EU ETS), which can lead to a change in firm value. The methodology used was an event study approach, which was conducted by analysing the outcome on the stock market caused by a specific event. The event studied in this case was the day of the release of the Swedish Environmental Protection Agency’s (Swedish EPA) yearly reports regarding the international firms, active in Sweden, and their specific emissions and emission allowances. The data used in this study was based on stock prices and index prices for a group of firms active in the commodities and energy market in Sweden. The results indicated no apparent connection between high levels of emission allowance surplus and corresponding abnormal profits on the stock market. However, the results indicated that the stock returns of firms and industries that have relatively high levels of carbon dioxide emissions are affected more during the event period.

Place, publisher, year, edition, pages
2017. , p. 82
Keywords [en]
European Union Emissions Trading Scheme, EU ETS, event study, commodities, energy, carbon dioxide, firm value, environmental policy
National Category
Economics
Identifiers
URN: urn:nbn:se:ltu:diva-63816OAI: oai:DiVA.org:ltu-63816DiVA, id: diva2:1107188
Subject / course
Student thesis, at least 30 credits
Educational program
Business and Economics, master's level
Presentation
2017-06-01, A110, Luleå tekniska universitet, Luleå, 10:30 (Swedish)
Supervisors
Examiners
Available from: 2017-06-15 Created: 2017-06-09 Last updated: 2017-06-15Bibliographically approved

Open Access in DiVA

fulltext(1823 kB)159 downloads
File information
File name FULLTEXT01.pdfFile size 1823 kBChecksum SHA-512
8d5a20350d36db59a643d09ef6977befa035ab4af7661e7f9a0b7b83975a401f60f7d1d9cc1e6cfebe89dc648f68d39e454570ddd3245000990ae6aeae62fffe
Type fulltextMimetype application/pdf

Search in DiVA

By author/editor
Nilsson, SaraBerglund, Jonas
By organisation
Department of Business Administration, Technology and Social Sciences
Economics

Search outside of DiVA

GoogleGoogle Scholar
Total: 159 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

urn-nbn

Altmetric score

urn-nbn
Total: 349 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf