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

Surender Kumar (), Shunsuke Managi and Akimi Matsuda ()

Energy Economics, 2012, vol. 34, issue 1, 215-226

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: Clean energy; Stock prices; Oil price; Carbon price (search for similar items in EconPapers)
JEL-codes: Q42 Q43 (search for similar items in EconPapers)
Date: 2012
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Energy Economics is currently edited by R. S. J. Tol, Beng Ang, Lance Bachmeier, Perry Sadorsky, Ugur Soytas and J. P. Weyant

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