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European Union carbon emissions allowances (EUA) price fluctuations can affect electricity companies' stock market values as these oscillations may change firms' profitability and thus investors' decisions. This outcome can differ not only contingent on the EU ETS Phase, but also on firms' generation mix. Moreover, stock markets may react differently to EUA increases in comparison to decreases, thus...
This paper analyses whether and to what extent the EUA (European Union allowance) prices may be linked with Spanish polluting sectors' stock market returns.By utilizing a multifactor market model specification and panel data econometric approach, we test the if EUA price changes and stock returns of the Spanish sectors affected by EU ETS are correlated, the direction of this correlation and whether...
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