Is the cross-correlation of EU carbon market price with policy uncertainty really being? A multiscale multifractal perspective

Ye, Shunqiang; Dai, Peng‐Fei; Nguyen, Hoai Trong; Huynh, Ngoc Quang Anh

doi:10.1016/j.jenvman.2021.113490

Cited by 54 publications

(14 citation statements)

References 37 publications

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“…In Europe, in the context of the Clean Energy Transition program, renewable energy has overtaken fossil-based electricity in 2020. Due to the exposure of Europe to the uncertainty of the global economy [60], and the special sensitivity shown by the European markets [61], companies adjusted their expectations, affecting market volatility [62]. Understanding the energy sector and its different characteristics and risk behaviours of the alternative types of energy has become strategic, since in Europe there coexists traditional and renewable ways of producing energy [32], and the strategic decisions made by European countries, in favour of decarbonization in the electricity industry, are clear.…”

Section: Literature Reviewmentioning

confidence: 99%

Is ESG Relevant to Electricity Companies during Pandemics? A Case Study on European Firms during COVID-19

et al. 2022

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The electricity sector was negatively impacted by the coronavirus disease (COVID-19), with considerable declines in consumption in the initial phase. Investors were in turmoil, and stock prices for these companies plummeted. The aim of this paper is to demonstrate the significant negative influence of the pandemic on abnormal returns for the electricity sector, specifically for traditional and renewable companies and the influence of ESG scores, using the event study approach and multi-variate regressions. Our results show that the pandemic indeed had a negative impact on the electricity sector, with renewable electricity companies suffering a sharper decline than traditional ones. Moreover, we find that ESG pillar scores affected electricity companies differently and are sector-specific. For renewable electricity companies, the returns were positively influenced by the environmental ESG scores and negatively by governance ESG scores.

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Section: Literature Reviewmentioning

confidence: 99%

Is ESG Relevant to Electricity Companies during Pandemics? A Case Study on European Firms during COVID-19

et al. 2022

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“…Zhang [3] • To grasp the time scale is helpful to describe the network better • It is difficult to control accuracy by pseudo-periodic time series, because of the nonstationary data Marvan [5] • Due to the application of recursive networks, the method is readable and clearly…”

Section: Paper Advantages Disadvantagesmentioning

confidence: 99%

“…Yue h and other researchers have studied the relationship between patent development and factors including R&D personnel, FDI, GDP per capita, corporate output ratio, and patent system [1]; Cheung & Lin has researched the influence of FDI, human resources in science and technology, science and technology expenditures, the proportion of export in foreign-funded enterprises, GDP per capita and other factors on the development of patents [2]. At present, most scholars' research mainly concentrates on the development of patents in China from the aspect of exploration of essential factors leading to the surge of patents [3].…”

Section: Introductionmentioning

confidence: 99%

Analysis of Patent Application Attention: A Network Analysis Method

Mao

Yuan

et al. 2022

Front. Phys.

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Patent is an important embodiment of innovation. Before patent application, many people will check a patent application process on the Internet to understand the steps of a patent application. In fact, these people’s search is also a means to understand whether innovative enterprises or individuals imply the importance of innovation. It has become a new crucial problem to obtain more information about time-series data. Research has found that the concept of VG can provide deeper information in time-series data so that it can understand the information of patent applications more comprehensively. After analyzing the data from 1 January 2011 to 31 December 2018, we find: i) there are very few peaks and valleys, and 80% of searches are in the normal range. ii) according to the central value of the ranking, it can be found that the peaks of the annual patent application search times time series occurred in December last year, after January, February of this year or after August-October, and iii) after clustering the time series data, we find that the attention of people shows noticeable segmentation effect.

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“…Within the context of globalization, the European market is exposed to economic policy uncertainty at a European and global level (Ye et al, 2021). In this vein, the short-and longterm volatility of spot returns are connected to the uncertainty of European economic policy, since external policy uncertainty affects the volatility of the European market ( (Dai et al, 2021a, b).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Within the context of globalization, the European market is exposed to economic policy uncertainty at a European and global level (Ye et al. , 2021).…”

Section: Literature Reviewmentioning

confidence: 99%

Impact of COVID-19 on listed European electricity companies: a comparative analysis of investment in renewable and traditional electricity

Clemente-Almendros

Boldeanu

Seguí-Amórtegui

2021

JES

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PurposeThe authors analyze the impact of COVID-19 on listed European electricity companies and differentiate between renewable and traditional electricity, to show the heterogenous characteristics of electricity subsectors and the differences between renewable and traditional electricity.Design/methodology/approachUsing the event study method, the authors calculate the cumulative average abnormal returns (ARs) before and after the World Health Organization pandemic announcement and the declaration of national lockdowns in Europe.FindingsThe results show that while the European electricity sector was overall negatively impacted by the COVID-19 announcement, this impact was larger for renewable companies due to their riskier investment profile. Moreover, after the national lockdowns came into effect, the recovery in the financial markets return was smaller for the latter.Research limitations/implicationsThere may be variables to be included in the model to analyze possible differences between companies and countries, as well as alternative econometric models. Limited to the data, the authors did not investigate the different impact of the economic policy uncertainty from various countries inside or outside the EU.Practical implicationsThe results have important implications for both investors and policymakers since the heterogenous characteristics of electricity subsectors. This heterogeneity prompts different investor reactions, which are necessary to know and to understand.Originality/valueAs far as the authors know, this is the first study that analyses the effect of COVID-19 in heterogeneity profile of both types of electricity, renewable and traditional.

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Is the cross-correlation of EU carbon market price with policy uncertainty really being? A multiscale multifractal perspective

Cited by 54 publications

References 37 publications

Is ESG Relevant to Electricity Companies during Pandemics? A Case Study on European Firms during COVID-19

Is ESG Relevant to Electricity Companies during Pandemics? A Case Study on European Firms during COVID-19

Analysis of Patent Application Attention: A Network Analysis Method

Impact of COVID-19 on listed European electricity companies: a comparative analysis of investment in renewable and traditional electricity

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