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| Author: | Linn, J. |
| Title: | The effect of cap-and-trade programs on firms' profits: Evidence from the Nitrogen Oxides Budget Trading Program |
| Journal: | Journal of Environmental Economics and Management
2010 : JAN, VOL. 59:1, p. 1-14 |
| Index terms: | event studies environmental economics electricity industry markets regulations companies profit USA |
| Language: | eng |
| Abstract: | An increasingly common means of regulating emissions from electric power plants are cap-and-trade programs. Using stock prices, this paper estimates the change in expected profits of regulated companies under the Nitrogen Oxides Budget Trading Program (NBP). Based on regional variation in compliance costs, it is found that the NBP reduced expected profits by as much as USD 25 billion, primarily affecting the values of coal generators operating in states with restructured electricity markets. |
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