Stock prices of clean energy firms, oil and carbon markets: A vector autoregressive analysis

被引：385
|
作者：
Kumar, Surender [2 ]
Managi, Shunsuke [1 ,3 ]
Matsuda, Akimi [4 ]
机构：
[1] Tohoku Univ, Grad Sch Environm Studies, Aoba Ku, Sendai, Miyagi 9808579, Japan
[2] Univ Delhi, Dept Business Econ, New Delhi 110021, India
[3] Univ Tokyo, Grad Sch Publ Policy, Tokyo 1138654, Japan
[4] Nomura Secur Co Ltd, Chuo Ku, Tokyo 1038011, Japan
来源：
ENERGY ECONOMICS | 2012年 / 34卷 / 01期
关键词：
Clean energy; Stock prices; Oil price; Carbon price; MACROECONOMY; INFLATION; SHOCKS; INFERENCE; RETURNS;
D O I：
10.1016/j.eneco.2011.03.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Recent discussions of energy security and climate change have attracted significant attention to clean energy. We hypothesize that rising prices of conventional energy and/or placement of a price on carbon emissions would encourage investments in clean energy firms. The data from three clean energy indices show that oil prices and technology stock prices separately affect the stock prices of clean energy firms. However, the data fail to demonstrate a significant relationship between carbon prices and the stock prices of the firms. (C) 2011 Elsevier B.V. All rights reserved.
引用
收藏
页码：215 / 226
页数：12
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