In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching model, we find that the relation between the EUA price and its fundamentals varies over...

In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching model, we find that the relation between the EUA price and its fundamentals varies over...

In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching model, we find that the relation between the EUA price and its fundamentals varies over...

I study the causal effect of the European Union Emissions Trading System (EU ETS) on the productivity of German manufacturing firms. Using administrative firm-level data, I estimate robust production functions for narrowly defined industries. This approach allows for an endogenous dynamic...

This paper presents an introductory analysis of price formation and volatility in the European Union Emissions Trading Scheme using highfrequency data. The results show that there are several anomalies both in the EUA spot and EUA futures market. First, price formation seems to take place on...

Über Familienunternehmen wird in der Öffentlichkeit regelmäßig diskutiert. Oft wird dabei hervorgehoben, dass Familienunternehmen eine wichtige Stellung einnehmen. Ein Verweis auf konkrete Zahlen, die eine wirtschaftliche und gesellschaftliche Bedeutung von Familienunternehmen offenlegen,...

Der Einfluss der Realwirtschaft auf den Preis für europäische CO2-Zertifikate stößt seit geraumer Zeit in Politik, Wirtschaft und Wissenschaft auf reges Interesse. Aktuelle Forschungsergebnisse des ZEW zeigen nun, dass der CO2-Zertifikatepreis nicht sehr eng mit der europäischen...

This work provides a descriptive overview of Russian markets for financial derivatives. Available figures for the exchange-traded and over-the-counter-traded derivatives in Russia show that the Russian derivatives markets experienced enormous growth rates since the financial crisis in 1998....