Energy Economics最新文献_第8页

Bluer skies and clearer rivers? Returnees as silver bullets for pollution abatement in an emerging economy 更蓝的天空和更清澈的河流？海归是新兴经济体减少污染的银弹

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-10-03 DOI: 10.1016/j.eneco.2024.107950

He Chen , Shujin Zhu , Yiding Tang

{"title":"Bluer skies and clearer rivers? Returnees as silver bullets for pollution abatement in an emerging economy","authors":"He Chen , Shujin Zhu , Yiding Tang","doi":"10.1016/j.eneco.2024.107950","DOIUrl":"10.1016/j.eneco.2024.107950","url":null,"abstract":"<div><div>Emerging economies are burdened with multiple tasks related to economic development and environmental protection. Based on the phenomenon of “brain gain,” we examine whether overseas-returned executives (“returnees”) help emerging economies better cope with this multitasking. Drawing insights from a Chinese listed firm dataset for the period 2010–2020, this study provides significant observations regarding returnees' influence on firms' environmental performance. The findings show that hiring returnees makes firms greener for three main reasons. First, returnees enjoy favorable treatment provided by the worksite, and the mood of giving back makes them inclined toward low-pollution development. Second, returnees have more green skills. Third, returnees alleviate the principal–agent problem of firms in green development. There are also some extended findings from this study. As inferred from the firms' environmental performance, returnees' overseas study experience may be more important than pure overseas work experience. Additionally, firms that green up by hiring returnees are not biased by firm seniority. Finally, if returnees are viewed as a scarce resource, conditional talent wars will emerge among firms. These findings provide insight into how emerging economies can balance economic development with environmental protection.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107950"},"PeriodicalIF":13.6,"publicationDate":"2024-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Exploring the risk dynamics of US green energy stocks: A green time-varying beta approach 探索美国绿色能源股票的风险动态：绿色时变贝塔法

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-10-02 DOI: 10.1016/j.eneco.2024.107951

Chitrakalpa Sen , Gagari Chakrabarti

{"title":"Exploring the risk dynamics of US green energy stocks: A green time-varying beta approach","authors":"Chitrakalpa Sen , Gagari Chakrabarti","doi":"10.1016/j.eneco.2024.107951","DOIUrl":"10.1016/j.eneco.2024.107951","url":null,"abstract":"<div><div>Green investments play a crucial role in fighting climate change and facilitating the shift towards a low-carbon economy in line with goals of the Paris Agreement. This paper focuses on the U.S. green energy sector, analyzing its underlying risk dynamics, especially during crisis periods. In this paper, we employ a novel green energy time-varying beta (GETVB) to assess the risk profiles of U.S. green energy stocks across different market conditions. We have chosen NASDAQ Clean Edge Green Energy Index (CELS) as the U.S. green energy market index. We use Markov-switching and discrete-threshold-regression models to examine whether the GETVB varies across regimes and is affected by market stress. In particular, we examine if the market risk of these stocks itself exhibits higher volatility during regimes of stress. Our results show that the green stocks are apparently risky, with a GETVB most likely to lie between 1.2 and 1.6. However, these stocks turn out to be resilient against market volatility with the market stress having negligible impact on GETVB. This suggests an inherent robustness of green stocks against extreme market conditions. This resilience makes the U.S. green energy stocks a potential safe destination for investors during times of significant market volatility. Based on the results, we recommend that policymakers bolster support for green investments through enhanced tax incentives and subsidies, aiming to standardize the ESG metrics for increased transparency, and aligning the international financial flows with strategies that align with meeting the Paris Agreement targets.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107951"},"PeriodicalIF":13.6,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420853","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How do renewable energy, energy innovation and climate change shape the energy transition in USA? Unraveling the role of green finance development 可再生能源、能源创新和气候变化如何影响美国的能源转型？解读绿色金融发展的作用

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-10-02 DOI: 10.1016/j.eneco.2024.107947

Sunil Tiwari , Umer Shahzad , Hind Alofaysan , Steven T. Walsh , Pooja Kumari

{"title":"How do renewable energy, energy innovation and climate change shape the energy transition in USA? Unraveling the role of green finance development","authors":"Sunil Tiwari , Umer Shahzad , Hind Alofaysan , Steven T. Walsh , Pooja Kumari","doi":"10.1016/j.eneco.2024.107947","DOIUrl":"10.1016/j.eneco.2024.107947","url":null,"abstract":"<div><div>Over the past, all the big economies across the world are focusing on attainment of objectives of COP27 and COP28 and USA is forefront among them. Therefore, present study aims to unraveling the role of renewable energy, energy innovation, climate change and green financial development in mapping and shaping the energy transition system in the USA. In view of this, study utilizes annual data of said constructs from 2008 to 2022 and estimates through Dynamic Autoregressive Distributed Lag simulations (DARDLS) approach. Results indicate the positve impacts of renewable energy and energy innovation on energy transition and sustainable energy management in both long and short run. Whereas green financial development reflects low positive impact on energy transition in short run and getting stronger in long run. Expectedly, climate change adversely affect the energy transition and increases energy risk for the USA. Policy implications and Government frameworks are suggested to facilitate the renewable energy, energy innovation and green financial development and to mitigate climate change risk in USA.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107947"},"PeriodicalIF":13.6,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142532888","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Banks' fossil fuel divestment and corporate governance: The role of board gender diversity 银行撤资化石燃料与公司治理：董事会性别多样性的作用

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-10-01 DOI: 10.1016/j.eneco.2024.107948

Simona Cosma , Simona Galletta , Sebastiano Mazzù , Giuseppe Rimo

引用次数: 0

The wealth effect of the US net zero announcement 美国零净值公告的财富效应

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-30 DOI: 10.1016/j.eneco.2024.107945

Mona Mashhadi Rajabi , Martina Linnenluecke , Tom Smith

{"title":"The wealth effect of the US net zero announcement","authors":"Mona Mashhadi Rajabi , Martina Linnenluecke , Tom Smith","doi":"10.1016/j.eneco.2024.107945","DOIUrl":"10.1016/j.eneco.2024.107945","url":null,"abstract":"<div><div>This study investigates the impact of announcements relating to climate change mitigation in the US on the Energy Select Sector ETF (XLE), starting with the US president's net zero emissions announcement on 22 April 2021. We use options market data, in addition to ETF market data, to disaggregate the news effect and value effect of the announcement, finding a positive news effect ($1.65 billion) but a negative value effect (−$2.02 billion). The novel approach proposed by Barraclough et al. (2013) is adopted to identify traders' perceived probability of the achievement of net zero emissions as perceived by investors, finding that investors assigned a 30.9 % probability. Given the difficult journey of the passage of the net zero bill through Congress, we also examine the investors' perceived probability of achievement of later initiatives, as well as their news and value effects. Estimation around the introduction of the Inflation Reduction Act (IRA) in Congress on 27 October 2021 shows a positive news effect ($824.61 million) and an almost analogous, negative value effect (−$2.32 billion). The news effect is a result of the signal to the market that reduces policy uncertainty and enables fossil fuel firms to plan with greater certainty the transition to clean energy and the value effect comes from the fact that some reserves may not be able to be extracted and some assets will be stranded. This study finds if the net zero emissions announcement is successfully enacted as legislation, the value of XLE would be 96.90 % of its current value while a failure to become legislation leads to a rise in the value of XLE to reach 106.90 % of its current value.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107945"},"PeriodicalIF":13.6,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Risk premium, price of risk and expected volatility in the oil market: Evidence from survey data 石油市场的风险溢价、风险价格和预期波动：来自调查数据的证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-30 DOI: 10.1016/j.eneco.2024.107930

Georges Prat, Remzi Uctum

{"title":"Risk premium, price of risk and expected volatility in the oil market: Evidence from survey data","authors":"Georges Prat, Remzi Uctum","doi":"10.1016/j.eneco.2024.107930","DOIUrl":"10.1016/j.eneco.2024.107930","url":null,"abstract":"<div><div>This paper contributes to the literature on crude oil risk premiums by providing ex-ante measures of these premiums using survey oil price expectations over an extended period. These ex-ante premiums are uncorrelated with ex-post premiums commonly used in existing studies, whereas they are more relevant as they directly influence investors' decision-making. Utilizing a portfolio choice model, we explain the ex-ante premium as the product of the price of risk and the expected variance, both varying over time and across horizons. We estimate this relationship using a multivariate state-space framework. From our estimated risk prices we find, on average, that investors exhibit risk-seeking behaviour in the short term and risk aversion in the long term. It follows that the term structure of oil risk premiums are prominently upward-sloping. Additionally, consistent with the prospect theory, investors are found to be predominantly risk averse in a context of expected gains and risk-seeking in a context of expected losses. Finally, the dynamics of risk prices are shown to be driven by identifiable economic, financial, and oil market-related factors.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107930"},"PeriodicalIF":13.6,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Cost, innovation, and emissions leakage from overlapping climate policy 重叠气候政策的成本、创新和排放渗漏

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-30 DOI: 10.1016/j.eneco.2024.107949

William A. Scott

引用次数: 0

Purchase or generate? An analysis of inter-fuel substitution and electricity generation in Japanese manufacturing plants 购买还是发电？日本制造工厂的燃料替代和发电分析

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-28 DOI: 10.1016/j.eneco.2024.107929

Aline Mortha , Toshi H. Arimura

{"title":"Purchase or generate? An analysis of inter-fuel substitution and electricity generation in Japanese manufacturing plants","authors":"Aline Mortha , Toshi H. Arimura","doi":"10.1016/j.eneco.2024.107929","DOIUrl":"10.1016/j.eneco.2024.107929","url":null,"abstract":"<div><div>As the manufacturing industry is one of the largest contributors to global emissions, decarbonization of the production line is a key aspect in the fight against climate change. In this study, we examine the level of substitutability between fossil fuel and electricity. Using data on Japanese plants from 2004 to 2020, we estimate the elasticity of substitution between the two inputs and find that a 1 % increase in electricity prices results in a 6.55 % increase in fossil fuel consumption. Our paper also contributes to explaining mechanisms behind inter-fuel substitution, with a special focus on electricity and fossil fuel through cogeneration. We find that substitutability is highly sector-dependent, and identify the pulp & paper, iron & steel, chemicals and cement to be sectors with substitution capacity. These sectors see an increase in their electricity generation, the magnitude of which is estimated between 0.004 % (cement) to 0.23 % (iron & steel). Iron & steel and cement also increase their consumption of coal to power generators by 0.06 % and 0.005 %, respectively. Our findings suggest the need for taxation of both fuel and electricity together, to discourage further substitution attempts that would hinder decarbonization efforts.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107929"},"PeriodicalIF":13.6,"publicationDate":"2024-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142420846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Do petrol prices affect inflation and inflation expectations? Evidence from New Zealand 汽油价格会影响通货膨胀和通货膨胀预期吗？新西兰的证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-26 DOI: 10.1016/j.eneco.2024.107939

Puneet Vatsa , Gabriel Pino

引用次数: 0

Modeling daily energy use in British homes amidst the electricity market crisis: Insights from smart meter and socio-technical data 电力市场危机下英国家庭日常能源使用建模：智能电表和社会技术数据的启示

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-09-26 DOI: 10.1016/j.eneco.2024.107933

Lei Chang , Timur Narbaev , Farhad Taghizadeh-Hesary , Muhammad Mohsin

引用次数: 0