Carbon Affect on European Oil and Steel Companies: An Empirical Analysis on the Second Phase EU ETS
نویسندگان
چکیده
1 Acknowledgements I wanted to thank my reader Professor Lisa Meulbroek for all that she has taught me about financial economics as well as her help on this paper. I would like to thank my mom and dad for the guidance and support they have shown me over my years. And lastly but certainly not least I want to thank my two little sisters, Amelia and Colleen, for being the best sisters I could ever imagine. Abstract This paper uses timer series panel data from Bloomberg to ascertain the affects that carbon prices and other factors have on European oil and steel companies. This paper finds inconclusive evidence of carbon price return correlation with oil and steel company equity return. However it does find a strong positive correlation between the market portfolio excess return, which is the return on the DJS 600 EUR index minus the German three-month T-bill rate, and oil and steel excess equity return.
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