Bushnell, James B.; Chong, Howard; Mansur, Erin - 2009
first mandatory markets was the EU Emission Trading System, whose first phase ran from 2005-07. Unlike taxes, permits expose … permits. In this paper, we examine the effect of this type of environmental regulation on profits. In particular, changes in … in industries that tended to be either carbon intensive, or electricity intensive, but not involved in international …