October 2015
Beginner to intermediate
510 pages
17h 34m
English
Content preview from Handbook of Environmental and Sustainable FinanceBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Chapter 17
Using CO2 Emission Allowances in Equity Portfolios
Michael Graham, Anton Hasselgren, and Jarkko Peltomäki Stockholm Business School, Stockholm University, Stockholm, Sweden
Abstract
In this chapter, we show that while the carbon emission allowance futures market, which is still emerging, has gained relative little popularity among investors it can present attractive diversification opportunities for investors. Our findings show that the exposure of these futures returns to equity returns as well as the value factor is low but increases with stock market stress. As our further analysis suggests that investors can also profit from negative convenience yield in carbon emission futures by taking short positions in them, the strategy can ...
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