Effects of environment-related stimulus policies: An event study approach

Abstract

As part of the environment-related stimulus package implemented in the aftermath of the 2008 global financial crisis, the Japanese government introduced tonnage and acquisition tax breaks as well as a subsidy programme for eco-friendly vehicles. However, there has been limited research on their economic effects. Therefore, this paper employs the event study methodology to examine not only the direct economic effects of the eco-friendly vehicle tax breaks and subsidy programme on automobile firms' performance but also their spillover economic effects on automobile parts firms' performance. Our results show that the eco-friendly vehicle tax breaks had lower positive economic direct effects and no positive spillover effects while the eco-friendly vehicle subsidy programme had more significant positive direct economic effects and positive spillover effects. The differences in economic effects between tax breaks and subsidy programme result from the differences in the implementation duration and from the differences in the preferential monetary benefits. In addition, a mixed policy that combines the eco-friendly vehicle tax breaks and the eco-friendly vehicle subsidy programme is preferable to implementing the former alone.

Comparative evidence on the impact of the COVID-19 outbreak and vaccine discovery on the global transportation industry

“… Cullinane and Haralambides, 2021 , Garaus and Hudáková, 2022 , Gavalas et al, 2022 , International Air Transport Association (IATA)., 2020 , , xxxx , Outlook, 2019 , Tamechika, 2020 , Union Internationale des Chemins de fer (UIC)., 2020 , Valizadeh et al, 2017 , Wang et al, 2019 , World Health Organization (WHO)., 2022 , Yang et al, 2021a , Yang et al, 2021b , Zhang and Graham, 2020 .…”

Corrupção e retorno de ações de empresas listadas na B3

“…Desse modo, o cálculo do retorno anormal das ações de uma empresa i em uma data de evento t foi efetuado da seguinte maneira (MacKinlay, 1997;Camargos e Barbosa, 2003;Takamatsu e Colauto, 2008;Nogueira e Angotti, 2011;Tamechika, 2020):…”

“…Para operacionalização do modelo de fator simples, é necessária a definição de uma janela de estimação (MacKinlay, 1997), procedimento já utilizado em estudos anteriores (Nogueira e Angotti, 2011; Padula e Albuquerque, 2018; Kim et al, 2020;Tamechika, 2020). Existe um trade-off na escolha da janela de estimação, uma vez que janelas muito longas podem afetar uma adequada abordagem do evento, enquanto que janelas muito curtas podem afetar a representatividade estatística (Hundt e Horsch, 2019).…”

Local and National Covid-19 Cases and Stock Return: Evidence from Regions in Indonesia

“…This study adopted (Afik, 2019;Pandey, 2021;Tamechika, 2020)'s research: Figure 1. Event Study period to be researched Figure 1 uses the following data: data on closed price D-30 and D+30 from the start of Covid-19 in Indonesia, data on abnormal stock returns companies in Indonesia, the growth, and total local and national cases daily.…”