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

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

282 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
Externally published	Yes

Keywords

Carbon price
Clean energy
Oil price
Stock prices

ASJC Scopus subject areas

Economics and Econometrics
Energy(all)

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1016/j.eneco.2011.03.002

Cite this

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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",

note = "Funding Information: The authors thank Beng Wah Ang (the editor) and the anonymous referees for the helpful comments. This research was funded by the Ministry of Environment of Japan , the Japan Securities Scholarship Foundation , the Nomura Foundation , and a Grant-in-Aid for Scientific Research from the Japanese Ministry of Education, Culture, Sports, Science and Technology . The results and conclusions of this paper do not necessary represent the views of the funding agencies. ",

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AU - Kumar, Surender

AU - Managi, Shunsuke

AU - Matsuda, Akimi

N1 - Funding Information: The authors thank Beng Wah Ang (the editor) and the anonymous referees for the helpful comments. This research was funded by the Ministry of Environment of Japan , the Japan Securities Scholarship Foundation , the Nomura Foundation , and a Grant-in-Aid for Scientific Research from the Japanese Ministry of Education, Culture, Sports, Science and Technology . The results and conclusions of this paper do not necessary represent the views of the funding agencies.

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Y1 - 2012/1

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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.

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KW - Clean energy

KW - Oil price

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

Abstract

Keywords

ASJC Scopus subject areas

UN SDGs

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