异常收益
证券交易所
衡平法
库存(枪支)
系统性风险
经济
股票市场
能源行业
业务
事件研究
货币经济学
金融经济学
财务
自然资源经济学
机械工程
古生物学
马
生物
工程类
背景(考古学)
政治学
法学
作者
Vikash Ramiah,Belinda C. Martin,Imad A. Moosa
标识
DOI:10.1016/j.jbankfin.2013.01.012
摘要
We investigate the impact of 19 announcements of environmental regulation on the equities listed on the Australian Stock Exchange over the period 2005–2011. Using a well-established event study methodology, we assess whether these announcements are value constructive or destructive for equity investors. Additionally, we estimate the change in systematic risk following the announcements. Our results show that the Australian market was particularly sensitive to the carbon pollution reduction scheme (CPRS) announcement. A cumulative abnormal return of −31% was recorded in the alternative energy sector after Australia submitted its target range to the Copenhagen Accord. We observe that a move towards a greener nation has a mixed effect on abnormal returns with apparent sector-by-sector differences. Green policies appear to affect the long-term systematic risk of industries, leading to the diamond risk phenomenon.
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