Carbon premium in the European stock markets

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dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorKokkonen, Joni
dc.contributor.authorHovi, Lassi
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2024-05-19T16:10:27Z
dc.date.available2024-05-19T16:10:27Z
dc.date.issued2024
dc.description.abstractI study whether there is a “carbon premium” demanded for the carbon emissions of a company present in the cross-sectional returns of the European stock markets in the period from January 2016 to December 2022. My study follows the research of Bolton & Kacperczyk (2021) in the US stock markets. I find a statistically significant carbon premium present with the level of emissions on scope 2 and scope 3 after controlling for well know return predictors such as size and book-to-market. I also find that there is a carbon premium with the growth rate of emissions. Unlike Bolton & Kacperczyk (2021) I find a carbon premium present with the emission intensities also.en
dc.format.extent18
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/127850
dc.identifier.urnURN:NBN:fi:aalto-202405193458
dc.language.isoenen
dc.programmeRahoitusen
dc.subject.keywordcarbon premiumen
dc.subject.keywordcarbon emissionsen
dc.subject.keywordclimate changeen
dc.subject.keywordcross-section of stock returnsen
dc.subject.keywordEuropeen
dc.titleCarbon premium in the European stock marketsen
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi

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