search query: @indexterm Asset valuation / total: 357
reference: 10 / 357
| Author: | Hintermann, B. |
| Title: | Allowance price drivers in the first phase of the EU ETS |
| Journal: | Journal of Environmental Economics and Management
2010 : JAN, VOL. 59:1, p. 43-56 |
| Index terms: | environmental economics markets air pollution climate change asset valuation pricing models European Union |
| Freeterms: | emissions permit markets trading |
| Language: | eng |
| Abstract: | Related with the European Union (EU) Emissions Trading Scheme (EU ETS) and through deriving a structural model of the allowance price under the assumption of efficient markets, it is examined the extent to which the price variation can get explained by marginal abatement (hereafeter as: m-a.) costs. The model is gradually relaxed by allowing for delayed adjustment of price to fundamentals, as well as by introducing lagged LHS variables. The pattern of results suggests that while prices were initially not driven by m-a. costs, this inefficiency was largely corrected after the accounting of 2005 emissions in Apr, 2006. |
SCIMA