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We study the impact of emissions tax and emissions cap-and-trade regulation on a firm's technology choice and capacity decisions. We show that emissions price uncertainty under cap-and-trade results in greater expected profit than a constant emissions price under an emissions tax, which contradicts popular arguments that the greater uncertainty under cap-and-trade will erode value. We further show that two operational drivers underlie this result: i) the firm's option not to operate, which effectively right-censors the uncertain emissions price; and ii) dispatch flexibility, which is the firm's ability to first deploy its most profitable capacity given the realized emissions price. In addition to these managerial insights, we also explore policy implications: the effect of emissions price level, and the effect of investment and production subsidies.Through an illustrative example, we show that production subsidies of higher investment and production cost technologies (such as carbon capture and storage technologies) have no effect on the firm's optimal total capacity when firms own a portfolio of both clean and dirty technologies, but that investment subsidies of these technologies increase the firm's total capacity, conditionally increasing expected emissions. A subsidy of a lower production cost technology, on the other hand, has no effect on the firm's optimal total capacity in multi-technology portfolios, regardless of whether the subsidy is a production or investment subsidy.

We study the impact of emissions tax and emissions cap-and-trade regulation on a firm's technology choice and capacity decisions. We show that emissions price uncertainty under cap-and-trade results in greater expected profit than a constant emissions price under an emissions tax, which contradicts popular arguments that the greater uncertainty under cap-and-trade will erode value. We further show that two operational drivers underlie this result: i) the firm's option not to operate, which effectively right-censors the uncertain emissions price; and ii) dispatch flexibility, which is the firm's ability to first deploy its most profitable capacity given the realized emissions price. In addition to these managerial insights, we also explore policy implications: the effect of emissions price level, and the effect of investment and production subsidies.Through an illustrative example, we show that production subsidies of higher investment and production cost technologies (such as carbon capture and storage technologies) have no effect on the firm's optimal total capacity when firms own a portfolio of both clean and dirty technologies, but that investment subsidies of these technologies increase the firm's total capacity, conditionally increasing expected emissions. A subsidy of a lower production cost technology, on the other hand, has no effect on the firm's optimal total capacity in multi-technology portfolios, regardless of whether the subsidy is a production or investment subsidy.

The aim of this study was to determine the acute neuromuscular, biochemical and endocrine responses to a maximal speed training (MST) session. Eighteen male rugby players completed the protocol, which involved performing six maximal effort repetitions of 50 m running sprints with 5 minutes recovery between each sprint. Testosterone (T), cortisol (C), creatine kinase (CK), lactate (La), perceived muscle soreness (MS) and counter movement jump were collected immediately pre (PRE), immediately post (IP), 2 hours post (2P) and 24 hours post (24P) the sprint session. A bimodal recovery pattern was observed from the jump parameters with several declining significantly (p ≤ 0.05) IP, recovering 2P and suffering a secondary decline 24P. CK and perceived MS were elevated IP and continued to rise throughout the protocol, while La was only elevated IP. T and C were unaffected IP but showed significant declines 2P. These data indicate that MST results in a bimodal recovery pattern of neuromuscular function with changes most likely being related to metabolic and biochemical responses.

2The neuromuscular, biochemical, and endocrine responses to a single session versus double session training day in elite athletes. 3 AbstractPurpose: The aim of this study was to compare the acute neuromuscular, biochemical, and endocrine responses of a training day consisting of a speed session only to performing a speed and weight training session on the same day Methods:Fifteen male academy level rugby players completed two protocols in a randomized order. The speed only protocol involved performing 6 maximal effort repetitions of 50m running sprints with 5 minutes recovery between each sprint, while the speed and weights protocol involved the same sprinting session but was followed 2 h post by a lower body weights session consisting of 4 sets of 5 back squat and Romanian deadlift at 85% 1RM. Testosterone, cortisol, creatine kinase, lactate, and perceived muscle soreness were determined immediately before, immediately after, 2h post, and 24h post both protocols. Peak power, relative peak power, jump height, and average rate of force development were determined from a counter movement jump (CMJ) at the same time points. Results: At 24h post, muscle soreness was significantly higher following the speed and weights protocol compared to speed only protocol (effect size eta 2 = 0.253, F = 4.750, p < 0.05). There was no significant difference between any of the CMJ variables at any of the post training time points. Likewise creatine kinase, testosterone, and cortisol were unaffected by the addition of a weight training session. Conclusion:These data indicate that the addition of a weight training session 2h post a speed session, while increasing the perception of fatigue the following day, does not result in a difference in endocrine response or in neuromuscular capability.