Profiting from Regulation: An Event Study of the EU Carbon Market

We investigate the effect of cap-and-trade regulation of CO2 on firm profits by performing an event study of a CO2 price crash in the EU market. We examine returns for 90 stocks from carbon intensive industries and 600 stocks in the broad EUROSTOXX index. Firms in carbon intensive, or electricity intensive industries, but not involved in international trade were most hurt by the event. �This implies investors were focused on product price impacts, rather than compliance costs. We find evidence that firms’ net allowance positions also strongly influenced the share price response to the decline in allowance prices.Emissions Markets; Incidence of Taxation; Event Study

Profiting from Regulation: An Event Study of the EU Carbon Market

Tradable permit regulations have recently been implemented for climate change policy in many countries. One of the first mandatory markets was the EU Emission Trading System, whose first phase ran from 2005-07. Unlike taxes, permits expose firms to volatility in regulatory costs, but are typically accompanied by property rights in the form of grandfathered permits. In this paper, we examine the effect of this type of environmental regulation on profits. In particular, changes in permit prices affect: (1) the direct and indirect input costs, (2) output revenue, and (3) the carbon permit asset value. Depending on abatement costs, output price sensitivity, and permit allocation, these effects may vary considerably across industries and firms. We run an event study of the carbon price crash on April 25, 2006 by examining the daily stock returns for 90 stocks from carbon intensive industries and approximately 600 stocks in the broad EUROSTOXX index. In general, firms in industries that tended to be either carbon intensive, or electricity intensive, but not involved in international trade, were hurt by the decline in permit prices. In industries that were known to be net short of permits, the cleanest firms saw the largest declines in share value. In industries known to be long in permits, firms granted the largest allocations were most harmed.

ESTIMATION OF EXPORT DEMAND FUNCTIONS FOR U.S. WHEAT

Export demand functions for U.S. wheat were estimated for five world regions. Estimates of the effects of income, price, and nonprice variables on U.S. wheat exports were obtained using various econometric procedures. The major finding of the paper indicates that exchange rate changes have had a substantial impact on U.S. wheat exports. This result, conditioned on the aggregative nature of the study, supports the belief expressed by some researchers in recent years.Demand and Price Analysis, International Relations/Trade,

Serrated trailing edges for improving lift and drag characteristics of lifting surfaces

An improvement in the lift and drag characteristics of a lifting surface is achieved by attaching a serrated panel to the trailing edge of the lifting surface. The serrations may have a saw-tooth configuration, with a 60 degree included angle between adjacent serrations. The serrations may vary in shape and size over the span-wise length of the lifting surface, and may be positioned at fixed or adjustable deflections relative to the chord of the lifting surface

A compendium of NASA Aerobee sounding rocket launchings for 1966

Compendium of Aerobee sounding rocket launchings for 196

Endothelial Progenitors Exist within the Kidney and Lung Mesenchyme

The renal endothelium has been debated as arising from resident hemangioblast precursors that transdifferentiate from the nephrogenic mesenchyme (vasculogenesis) and/or from invading vessels (angiogenesis). While the Foxd1-positive renal cortical stroma has been shown to differentiate into cells that support the vasculature in the kidney (including vascular smooth muscle and pericytes) it has not been considered as a source of endothelial cell progenitors. In addition, it is unclear if Foxd1-positive mesenchymal cells in other organs such as the lung have the potential to form endothelium. This study examines the potential for Foxd1-positive cells of the kidney and lung to give rise to endothelial progenitors. We utilized immunofluorescence (IF) and fluorescence-activated cell sorting (FACS) to co-label Foxd1-expressing cells (including permanently lineage-tagged cells) with endothelial markers in embryonic and postnatal mice. We also cultured FACsorted Foxd1-positive cells, performed in vitro endothelial cell tubulogenesis assays and examined for endocytosis of acetylated low-density lipoprotein (Ac-LDL), a functional assay for endothelial cells. Immunofluorescence and FACS revealed that a subset of Foxd1-positive cells from kidney and lung co-expressed endothelial cell markers throughout embryogenesis. In vitro, cultured embryonic Foxd1-positive cells were able to differentiate into tubular networks that expressed endothelial cell markers and were able to endocytose Ac-LDL. IF and FACS in both the kidney and lung revealed that lineage-tagged Foxd1-positive cells gave rise to a significant portion of the endothelium in postnatal mice. In the kidney, the stromal-derived cells gave rise to a portion of the peritubular capillary endothelium, but not of the glomerular or large vessel endothelium. These findings reveal the heterogeneity of endothelial cell lineages; moreover, Foxd1-positive mesenchymal cells of the developing kidney and lung are a source of endothelial progenitors that are likely critical to patterning the vasculature. © 2013 Sims-Lucas et al

The Domestic and Export Markets for California Almonds

Crop Production/Industries, Marketing,

Profiting from regulation: an event study of the EU carbon market

We investigate the effect of cap-and-trade regulation of CO2 on firm profits by performing an event study of a CO2 price crash in the EU market. We examine returns for 90 stocks from carbon intensive industries and 600 stocks in the broad EUROSTOXX index. Firms in carbon intensive, or electricity intensive industries, but not involved in international trade were most hurt by the event. This implies investors were focused on product price impacts, rather than compliance costs. We find evidence that firms\u27 net allowance positions also strongly influenced the share price response to the decline in allowance prices

Bi-directional thruster development and test report

The design, calibration and testing of a cold gas, bi-directional throttlable thruster are discussed. The thruster consists of an electro-pneumatic servovalve exhausting through opposite nozzles with a high gain pressure feedback loop to optimize performance. The thruster force was measured to determine hysteresis and linearity. Integral gain was used to maximize performance for linearity, hysteresis, and minimum thrust requirements. Proportional gain provided high dynamic response (bandwidth and phase lag). Thruster performance is very important since the thrusters are intended to be used for active control