Integration and the Achievement Gap: Innovation in Dallas, Texas

Educatio

Emissions trading, carbon pricing, and the impact on carbon producing firms : a study of phase III of the European Union Emissions Trading Scheme : a thesis presented in partial fulfilment of the requirements for the degree of Master of Business (Finance) at Massey University, Palmerston North, New Zealand

This thesis examines the firm level impact of the European Union Emissions Trading Scheme (EU ETS), the ability to hedge carbon price, and the determinants of carbon price. The analysis focuses on phase III of the EU ETS. The work of Koch and Bassen (2013) is extended by investigating whether carbon-adjusted expected returns differ post-2013, as the trading scheme shifted to full auctioning. The findings show a lack of significant exposure to carbon price for the majority of carbon producing European firms. For firms where significant exposure to the price of carbon was found, firms’ returns required on equity were substantially higher after carbon exposure was considered. Whether carbon could be hedged effectively using conventional techniques was investigated, and a simple ordinary least squares hedge ratio was found to be the most effective. Further, the hedge ratio for carbon was found to be within the normal 0.5-1 range of typically hedged commodities. Finally, the carbon price determinants were investigated to determine whether energy prices and weather explain the carbon price in phase III, and how this relationship changed since full auctioning came into place in 2013. Energy prices were found to impact carbon price in phase III, however, the best model explained only 12% of carbon price variation. Weather variables were not found to impact carbon price except in one case of unanticipated temperature change. The results indicate that it is not the temperatures themselves that impact carbon price, rather unanticipated changes in temperature

What Professors Would Like Their New Presidents to Know

New college presidents are faced with many challenges; some known and some unknown. With the frequency of new presidents entering from outside the institution, a challenge exists to understand the culture and current state of the institution. Existing faculty are uniquely positioned to provide assistance in this regard. What is presented here are perspectives on what college professors would like their new presidents to know. The information is provided in the form of common challenges to be aware of and suggestions to consider. Future directions are offered to delve deeper into the potential insights to be offered from the faculty lens to new, incoming presidents