Stock prices of clean energy firms, oil and carbon markets: A vector autoregressive analysis

Surender Kumar; Shunsuke Managi; Akimi Matsuda

doi:10.1016/j.eneco.2011.03.002

Stock prices of clean energy firms, oil and carbon markets: A vector autoregressive analysis

Surender Kumar, Shunsuke Managi, Akimi Matsuda

Environmental Studies

Research output: Contribution to journal › Article › peer-review

155 Citations (Scopus)

Abstract

Recent discussions of energy security and climate change have attracted significant attention to clean energy. We hypothesize that rising prices of conventional energy and/or placement of a price on carbon emissions would encourage investments in clean energy firms. The data from three clean energy indices show that oil prices and technology stock prices separately affect the stock prices of clean energy firms. However, the data fail to demonstrate a significant relationship between carbon prices and the stock prices of the firms.

Original language	English
Pages (from-to)	215-226
Number of pages	12
Journal	Energy Economics
Volume	34
Issue number	1
DOIs	https://doi.org/10.1016/j.eneco.2011.03.002
Publication status	Published - 2012 Jan 1

Keywords

Carbon price
Clean energy
Oil price
Stock prices

ASJC Scopus subject areas

Economics and Econometrics
Energy(all)

Access to Document

10.1016/j.eneco.2011.03.002

Fingerprint Dive into the research topics of 'Stock prices of clean energy firms, oil and carbon markets: A vector autoregressive analysis'. Together they form a unique fingerprint.

Cite this

@article{c5154600804f4a1c89082f5b107598b5,

title = "Stock prices of clean energy firms, oil and carbon markets: A vector autoregressive analysis",

abstract = "Recent discussions of energy security and climate change have attracted significant attention to clean energy. We hypothesize that rising prices of conventional energy and/or placement of a price on carbon emissions would encourage investments in clean energy firms. The data from three clean energy indices show that oil prices and technology stock prices separately affect the stock prices of clean energy firms. However, the data fail to demonstrate a significant relationship between carbon prices and the stock prices of the firms.",

keywords = "Carbon price, Clean energy, Oil price, Stock prices",

author = "Surender Kumar and Shunsuke Managi and Akimi Matsuda",

year = "2012",

month = jan,

day = "1",

doi = "10.1016/j.eneco.2011.03.002",

language = "English",

volume = "34",

pages = "215--226",

journal = "Energy Economics",

issn = "0140-9883",

publisher = "Elsevier",

number = "1",

}

TY - JOUR

T1 - Stock prices of clean energy firms, oil and carbon markets

T2 - A vector autoregressive analysis

AU - Kumar, Surender

AU - Managi, Shunsuke

AU - Matsuda, Akimi

PY - 2012/1/1

Y1 - 2012/1/1

N2 - Recent discussions of energy security and climate change have attracted significant attention to clean energy. We hypothesize that rising prices of conventional energy and/or placement of a price on carbon emissions would encourage investments in clean energy firms. The data from three clean energy indices show that oil prices and technology stock prices separately affect the stock prices of clean energy firms. However, the data fail to demonstrate a significant relationship between carbon prices and the stock prices of the firms.

AB - Recent discussions of energy security and climate change have attracted significant attention to clean energy. We hypothesize that rising prices of conventional energy and/or placement of a price on carbon emissions would encourage investments in clean energy firms. The data from three clean energy indices show that oil prices and technology stock prices separately affect the stock prices of clean energy firms. However, the data fail to demonstrate a significant relationship between carbon prices and the stock prices of the firms.

KW - Carbon price

KW - Clean energy

KW - Oil price

KW - Stock prices

UR - http://www.scopus.com/inward/record.url?scp=84856031706&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84856031706&partnerID=8YFLogxK

U2 - 10.1016/j.eneco.2011.03.002

DO - 10.1016/j.eneco.2011.03.002

M3 - Article

AN - SCOPUS:84856031706

VL - 34

SP - 215

EP - 226

JO - Energy Economics

JF - Energy Economics

SN - 0140-9883

IS - 1

ER -