Replication data for: Profiting from Regulation: Evidence from the European Carbon Market

We investigate how cap-and-trade regulation affects profits. In late April 2006, the EU CO2 allowance price dropped 50 percent, equating to a €28 billion reduction in the value of aggregate annual allowances. We examine daily returns for 552 stocks from the EUROSTOXX index. Despite reductions in environmental costs, we find that stock prices fell for firms in both carbon- and electricity-intensive industries, particularly for firms selling primarily within the EU. Our results imply that investors focus on product price impacts, rather than just compliance costs and the nominal value of pollution permits.

本研究探讨总量管制与交易监管（cap-and-trade regulation）对企业利润的影响。2006年4月末，欧盟二氧化碳排放配额（CO2 allowance）价格下跌50%，相当于年度总排放配额的总价值减少280亿欧元。本研究选取欧元斯托克（EUROSTOXX）指数的552只股票，对其每日收益率展开分析。尽管环境合规成本有所降低，但研究发现，碳密集型与电力密集型行业的企业股价均出现下跌，其中以欧盟区域为主要销售市场的企业股价跌幅尤为显著。本研究结果表明，投资者更为关注政策对产品价格的影响，而非仅关注合规成本与污染排放许可的名义价值。