The European Commission and EUA prices : a high-frequency analysis of the EC's decisions on second NAPs

Waldemar Rotfuß; Christian Conrad; Daniel Rittler

This paper empirically examines price formation in the European Union Emissions Trading Scheme (EU ETS). Our analysis shows that unexpected allocations of European Union Allowances (EUAs) lead to pronounced price reactions of the expected signs. Moreover, we find evidence that the adjustment of EUA prices to the European Commission’s decisions on second National Allocation Plans (NAPs) is not instantaneous, but takes up to six hours after the decision announcement. -- EU ETS ; price formation ; European Union Allowance (EUA) ; European Commission

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Year of publication:	2009
Authors:	Rotfuß, Waldemar ; Conrad, Christian ; Rittler, Daniel
Publisher:	Mannheim : ZEW, Zentrum für Europäische Wirtschaftsforschung
Subject:	Emissionshandel \| Emissions trading \| Preis \| Price \| Allokation \| Allocation \| EU-Umweltpolitik \| EU environmental policy \| Ankündigungseffekt \| Announcement effect \| EU-Staaten \| EU countries

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Extent:	Online-Ressource (7 S.) graph. Darst.
Series:	ZEW discussion papers. - Mannheim : ZEW, ZDB-ID 2125128-9. - Vol. 09-045
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Zsfassungen in dt. und engl. Sprache Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/28010 [Handle]
Classification:	G13 - Contingent Pricing; Futures Pricing ; G14 - Information and Market Efficiency; Event Studies ; G15 - International Financial Markets ; G17 - Financial Forecasting ; G19 - General Financial Markets. Other ; Q4 - Energy ; Q5 - Environmental Economics
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10003875267