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63 results, from 31
Diskussionspapiere 1938 / 2021

The Impact of ECB Corporate Sector Purchases on European Green Bonds

This papers analyzes the effect of the ECB’s Corporate Sector Purchase Programme (CSPP) and the recent Pandemic Emergency Purchase Programme (PEPP) on the yields of eligible green bonds, a new but rapidly growing segment of the corporate bond market. We exploit these policy changes using a difference-in-differences strategy, with ineligible corporate green bonds issued in euro, U.S. dollars and Swedish ...

2021| Franziska Bremus, Franziska Schütze, Aleksandar Zaklan
Diskussionspapiere 1925 / 2021

Coase and Cap-and-Trade: Evidence on the Independence Property from the European Carbon Market

This paper tests the independence property under the Coase Theorem in a large multinational cap-and-trade scheme for greenhouse gas emissions, the EU Emissions Trading System (EU ETS). I analyze whether emissions of power producers regulated under the EU ETS are independent from allowance allocations, leveraging a change in allocation policy for a difference-in-differences strategy. The evidence suggests ...

2021| Aleksandar Zaklan
Diskussionspapiere 1877 / 2020

Make Sure the Kids are OK: Indirect Effects of Ground-Level Ozone on Well-Being

This paper uses a panel of German individuals and highly granular pollution data to test if air pollution affects adults’ well-being indirectly through the health of their children. Results show that ozone decreases the well-being of individuals with children while not affecting persons without kids. We confirm the same effect for fine particulate matter and sulfur dioxide. Concerning the mechanism, ...

2020| Julia Rechlitz, Luis Sarmiento, Aleksandar Zaklan
Diskussionspapiere 1875 / 2020

The Impact of Carbon Disclosure Mandates on Emissions and Financial Operating Performance

We examine whether a disclosure mandate for greenhouse gas emissions creates stakeholder pressure for firms to subsequently reduce their emissions. For UK-incorporated listed firms such a mandate was adopted in 2013. Using a difference-in-differences design, we find that firms affected by the mandate reduced their emissions – depending on the specification – by an incremental 14-18% relative to a control ...

2020| Benedikt Downar, Jürgen Ernstberger, Stefan Reichelstein, Sebastian Schwenen, Aleksandar Zaklan
Diskussionspapiere 1850 / 2020

Coase and Cap-and-Trade: Evidence on the Independence Property from the European Electricity Sector

This paper provides an empirical test of the Coase Theorem. I analyze whether emissions are independent from allowance allocations in the electricity sector regulated under the EU's Emissions Trading System (EU ETS). Exogenous variation in levels of free allocation for power producing installations enables a difference-in-differences strategy. The analysis reveals that a change in al- location levels ...

2020| Aleksandar Zaklan
Diskussionspapiere 1795 / 2019

Fighting Climate Change with Disclosure? The Real Effects of Mandatory Greenhouse Gas Emission Disclosure

We examine whether mandatory disclosure of greenhouse gas (GHG) emissions influences companies’ GHG emission levels. We identify the disclosure effect by exploiting a mandate requiring UK-incorporated listed companies to disclose information on GHG emissions in their annual reports. Using a difference-in-differences design, we show that disclosing GHG emissions in annual reports reduces emission levels ...

2019| Benedikt Downar, Jürgen Ernstberger, Hannes Rettenbacher, Sebastian Schwenen, Aleksandar Zaklan
Diskussionspapiere 1689 / 2017

Does the EU ETS Cause Carbon Leakage in European Manufacturing?

Carbon leakage is an issue of major interest in both academic and policy debates about the effectiveness of unilateral climate policy addressing global externalities. The debate is particularly salient in Europe, where the EU Emissions TradingSystem (EU ETS) covers emissions of many traded sectors. In a first step, we review how carbon leakage and the pollution haven effect are defined and identified ...

2017| Helene Naegele, Aleksandar Zaklan
Diskussionspapiere 1275 / 2013

Why Do Emitters Trade Carbon Permits? Firm-Level Evidence from the European Emission Trading Scheme

The creation of the EU's Emission Trading Scheme (EU ETS) has turned the right to emit CO2 into a positively priced intermediate good for the affected firms. Firms thus face the decision whether to source compliance with the EU ETS within their boundaries or to acquire it through the permit trade. However, a combination of internal abatement, free permit allocation and exibility to shift the use of ...

2013| Aleksandar Zaklan
Diskussionspapiere 1152 / 2011

Stationarity Changes in Long-Run Fossil Resource Prices: Evidence from Persistence Break Testing

This paper considers the question of whether changes in persistence have occurred during the long-run evolution of U.S. prices of the non-renewable energy resources crude oil, natural gas and bituminous coal. Our main contribution is to allow for a structural break when testing for a break in persistence, thus disentangling the effect of a deterministic break from that of a stochastic break and advancing ...

2011| Aleksandar Zaklan, Jan Abrell, Anne Neumann
Diskussionspapiere 1075 / 2010

The Dynamics of Global Crude Oil Production

We analyze the dynamic effect of prices and price volatility on current oil production, both on the level of country groups and the major individual producer countries. A comprehensive dataset at monthly frequency allows us to include a rich lag structure while controlling for key global and local determinants as well as seasonality. Our set of explanatory variables also includes real economic activity, ...

2010| Aleksandar Zaklan, Georg Zachmann, Anne Neumann
63 results, from 31