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Climate Policy and Financial Markets
No full textClimate change represents a serious, as-yet-unresolved global commons problem. After decades of international climate negotiations, 195 nations adopted the Paris climate agreement in December 2015. The subsequent election of Donald Trump as US president in 2016 was seen as a setback for climate policy. However, evaluating the impacts of both events is difficult because their results in terms of mitigating or exacerbating climate change will not be observed until many decades from now. This thesis examines the effects of these events on financial markets. The first two chapters analyze the reactions of stock and commodity markets in the energy sector to these two events. Chapter 3 studies the fairness in terms of burden sharing for two different ways of strengthening the Paris Agreement: either by carbon pricing or through proportional tightening of the nationally determined contributions, which outline national goals for greenhouse gas emissions reductions
Climate Policy and Financial Markets
Get PDFClimate change represents a serious, as-yet-unresolved global commons problem. After decades of international climate negotiations, 195 nations adopted the Paris climate agreement in December 2015. The subsequent election of Donald Trump as US president in 2016 was seen as a setback for climate policy. However, evaluating the impacts of both events is difficult because their results in terms of mitigating or exacerbating climate change will not be observed until many decades from now.
This thesis examines the effects of these events on financial markets. The first two chapters analyze the reactions of stock and commodity markets in the energy sector to these two events. Chapter 3 studies the fairness in terms of burden sharing for two different ways of strengthening the Paris Agreement: either by carbon pricing or through proportional tightening of the nationally determined contributions, which outline national goals for greenhouse gas emissions reductions
Charting a “Green Path” for Recovery from COVID-19
No full textShould the economic recovery from the 2019 novel coronavirus disease (COVID-19) be green? The current crisis is so severe that we should not take the answer for granted. It requires serious thought and we start by reviewing some arguments for and against a green approach. A crucial element is of course to see how different industries fare in the current crisis. Our empirical contribution is to examine daily stock returns for firms from the STOXX Europe 600 index. We find that firms with higher carbon intensities experienced significantly large decreases in stock values particularly those within the crude petroleum extraction, air transport and coke and refined petroleum industries. Our tentative conclusion is that efforts to revitalize the economy should avoid subsidizing stranded assets and instead target the industries of the future. However, identifying these will not necessarily be easy. We find, for example, that having an official ESG “climate change policy” has no effect on firm performance during the pandemic. We suggest possible ways of designing a new form of more informative index
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Do Markets Trump Politics? Evidence from Fossil Market Reactions to the Paris Agreement and the U.S. Election
Get PDFJEL: G14, Q40, Q54The Paris Agreement was acclaimed as a milestone for climate negotiations. It has also been criticized – as too soft by environmentalists and too constraining by the current U.S. administration, which has decided to leave. The election of President Trump was itself widely interpreted as unexpected, good news for the fossil industry (and less good for the climate). We seek to evaluate the impact of global climate policy making by studying its effect on the stock market value of energy sector firms. In particular, we study the signing of the Paris Agreement and the latest U.S. presidential election. Using event study and impulse indicator saturation methods, we show that both events had only moderate effects
Understanding Chinese and Western development finance in Uganda, South Africa, and Zimbabwe
Get PDFChina's importance as a major donor outside the traditional Western donors has been increasing and this has helped to bridge the funding gaps in developing countries. At the same time, South-South financial assistance still comes with less conditionality making China's aid model different to Western donors. China dominates as a donor for Zimbabwe with substantial aid also going into Uganda and South Africa while South Africa is the darling of Western donors. Chinese funded projects are not confined to a specific sector and the scale of the projects varies across countries. While little is known about environmental aid from China, the magnitude of environmental aid from Western donors suggests there is a need to explore other areas to leverage the effect of environmental aid on the environment. Overall we find that aid disbursements are significantly lower than commitments for all three countries
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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