{"id":1459,"date":"2024-12-10T14:40:40","date_gmt":"2024-12-10T13:40:40","guid":{"rendered":"https:\/\/ceem-dauphine.eu\/?p=1459"},"modified":"2024-12-12T14:02:57","modified_gmt":"2024-12-12T13:02:57","slug":"the-impact-of-policy-announcements-by-the-european-commission-on-price-formation-in-the-eu-ets","status":"publish","type":"post","link":"https:\/\/ceem-dauphine.eu\/en\/the-impact-of-policy-announcements-by-the-european-commission-on-price-formation-in-the-eu-ets\/","title":{"rendered":"The Impact of Policy Announcements by the European Commission on Price Formation in the EU ETS"},"content":{"rendered":"<p>This paper explores the effect of climate and energy regulatory announcements by the European Commission (EC) on carbon certificate returns. We use an event study to examine the<br \/>\nimpact of 94 announcements under 13 categories, giving particular interest to announcements about the Market Stability Reserve (MSR) and EU Green Deal revisions. We show<br \/>\nthat during the period studied, 33% of the total EC announcements have significant Cumulative Abnormal Returns (CARs); out of these, 60% have significant CARs after the event<br \/>\ncompared with 30% before the event. Additionally, announcements regarding the MSR resulted in non-significant CARs. We attribute these results to the progressive adjustment to<br \/>\nbalance this oversupply, which continues to experience a surplus. The EU Green Deal announcements showed price relevance with significant CARs and Abnormal Returns (ARs).<\/p>\n","protected":false},"excerpt":{"rendered":"This paper explores the effect of climate and energy regulatory announcements by the European Commission (EC) on [&hellip;]","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,25],"tags":[],"class_list":["post-1459","post","type-post","status-publish","format-standard","hentry","category-publications-en","category-working-papers-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/posts\/1459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/comments?post=1459"}],"version-history":[{"count":3,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/posts\/1459\/revisions"}],"predecessor-version":[{"id":1467,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/posts\/1459\/revisions\/1467"}],"wp:attachment":[{"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/media?parent=1459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/categories?post=1459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceem-dauphine.eu\/en\/wp-json\/wp\/v2\/tags?post=1459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}