TY - JOUR
T1 - Stock prices of clean energy firms, oil and carbon markets
T2 - A vector autoregressive analysis
AU - Kumar, Surender
AU - Managi, Shunsuke
AU - Matsuda, Akimi
N1 - Funding Information:
The authors thank Beng Wah Ang (the editor) and the anonymous referees for the helpful comments. This research was funded by the Ministry of Environment of Japan , the Japan Securities Scholarship Foundation , the Nomura Foundation , and a Grant-in-Aid for Scientific Research from the Japanese Ministry of Education, Culture, Sports, Science and Technology . The results and conclusions of this paper do not necessary represent the views of the funding agencies.
PY - 2012/1
Y1 - 2012/1
N2 - 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.
AB - 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.
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U2 - 10.1016/j.eneco.2011.03.002
DO - 10.1016/j.eneco.2011.03.002
M3 - Article
AN - SCOPUS:84856031706
SN - 0140-9883
VL - 34
SP - 215
EP - 226
JO - Energy Economics
JF - Energy Economics
IS - 1
ER -
