Asymmetric Market Valuation of Carbon Emissions: Evidence from Real Estate Companies

2018 ◽  
Author(s):  
Chyi Lee ◽  
Hanlu Fan ◽  
QingLiang Tang ◽  
Peddy Lai
Keyword(s):  
Real Estate ◽  
Carbon Emissions ◽  
Market Valuation

scholarly journals The impact of liquidity on the valuation of European real estate securities

2014 ◽  
Vol 7 (2) ◽  
pp. 139-157 ◽  
Author(s):  
Alex Moss ◽  
Nicole Lux
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Equity Capital ◽  
Market Valuation ◽  
Liquidity Premium ◽  
Content Type ◽  
Stock Market Valuation ◽  
The Uk ◽  
Real Estate Securities ◽  
The Impact

Purpose – The purpose of this paper is to test the hypothesis that the valuations of European real estate securities are, in part, determined by the relative liquidity in the companies’ shares. Design/methodology/approach – Six groups are derived for our sample of European listed real estate companies. They are split between the UK and Europe, and then both sets are categorised by liquidity as large, medium or small. These are then tested for market depth, market tightness and difference in valuations over the cycle 2002-2012. Intuitively, it can be expected that the stock market valuation premium for companies with greater liquidity increases post the global financial crisis. Findings – The key discriminating variable that drives companies’ liquidity and valuations is market capitalisation. For both the UK and Europe, the valuation premium of larger companies vs small companies has increased significantly since 2008 (by 20-40 per cent), which can be attributed to the increased value placed on liquidity post GFC. Research limitations/implications – The sample size is relatively small, and subject to individual company influences on stock market valuation. Practical implications – The key implications from the findings are the cost and quantum of new equity capital available to companies with superior liquidity, and the possibility of exclusion from portfolios for companies with low liquidity. Originality/value – Previous studies have focussed on returns for measuring a liquidity premium. This study focusses on relative valuations and how the liquidity premium changes throughout the cycle.

scholarly journals Internalizing CO2-Equivalent Emissions Issued From Agricultural Activities

2021 ◽  
Vol 3 ◽  
Author(s):  
Arnaud Zlatko Dragicevic
Keyword(s):  
Carbon Emissions ◽  
Agricultural Sector ◽  
Market Valuation ◽  
Agricultural Activities ◽  
Public Authorities ◽  
Co2 Equivalent

The aim of this article is to consider the market-based instruments, such as the ETS system, for the internalization of the CO2-equivalent emissions issued from the agricultural sector. We use a hypothetical market valuation of the emissions and we extend the analysis to the optional pricing with double barriers. According to our results, the purpose of attaining the levels of carbon emissions recommended by the French public authorities, with a level of reductions down by 50.00% in 2030, could be successful would the terminal range of optional prices stand between 76.35 and 89.56 Eur.

Market valuation of real estate finance mergers: a note

2006 ◽  
Vol 24 (1) ◽  
pp. 79-87 ◽  
Author(s):  
Marc Kirchhoff ◽  
Dirk Schiereck ◽  
Markus Mentz
Keyword(s):  
Real Estate ◽  
Market Valuation ◽  
Real Estate Finance

臺中市及臺南市都會區碳排放量與土地發展相關指標關係之研究

建築學報 ◽  
2021 ◽  
Vol 117 (117) ◽  
pp. 097-116
Author(s):  
張洲滄 張洲滄 ◽  
吳佩儒 Chou-Tsang Chang ◽  
林子平 Pei-Ru Wu
Keyword(s):  
Carbon Dioxide ◽  
Energy Consumption ◽  
Real Estate ◽  
Metropolitan Area ◽  
Carbon Emissions ◽  
Carbon Dioxide Emissions ◽  
Carbon Budget ◽  
Metropolitan Areas ◽  
Basic Unit ◽  
Small Scale

<p>當今全球暖化，城市面臨氣候變遷及二氧化碳排放量遽增，進而產生更明顯的都市熱島效應，所以現在更需加強城市整體耗能之未來減緩及調適策略訂定。本研究對臺中市及臺南市兩個城市都會區，進行碳收支項目的剖析與研究，並完整呈現出影響臺灣本土都會區總耗能量之特性。臺中市都會區採以單一案例街廓為基本單元，首重詳解建築碳排放量及交通碳排放量等項目，臺南市都會區以都市網格解析。本研究除量化都會區整體碳收支，更兼具涵蓋都市小尺度及大尺度範圍，並建立本土城市各項二氧化碳排放量多項式簡算法。兩個都會區中，針對各行政區的人口密度及整體耗能的關聯分析顯示，當一個行政區的人口密度愈高時，單位土地面積的碳排放量愈少，此趨勢特徵與都市基礎設施及其分擔之服務單位人口數有關。另本研究剖析都市各項影響因子及整合城市宜居環境評估指標後，首先提出建築運輸指標及地價財經指標，含括建築、交通、地價及收入等發展相關指標，得到臺中市都會區總碳排放量與建築運輸指標及地價財經指標，皆為正相關性，並與臺南市都會區因郊區使用分區的使用特性相比，產生兩者都會區明顯差異性。本研究同時建構出完整的關鍵城市耗能評估指標及策略模式，續以應用及推廣於辦理都市計畫定期通盤檢討。</p> <p>&nbsp;</p><p>Due to global warming, cities face climate change and increasing carbon dioxide emissions, making the urban heat island effect more pronounced. It is therefore necessary to strengthen mitigation and adjustment strategies for the city’s overall energy consumption in the future. This research analyzes and compares two metropolitan areas’ carbon budget projects in Taichung and Tainan, and comprehensively presents the characteristics that affect Taiwan’s metropolitan areas’ total energy consumption. The Taichung metropolitan area uses a single-case block profile as the basic unit and focuses on detailed building carbon emissions and transportation carbon emissions. In terms of the Tainan metropolitan area, the analysis is based on the urban grid. In addition to quantifying the metropolitan area’s overall carbon budget, this study also covers both small-scale and large-scale urban areas and establishes a simplified model for various carbon dioxide emissions in local cities. The overall energy consumption of the two metropolitan areas shows that an area with higher population density will induce less carbon emissions, which may due to the relationship between urban infrastructure and its quantity of service populations. Based on our analysis using the city’s livable environment’s assessment indicators, the evaluation results of building-transport indicators and real estate pricing indicators we developed an index which includes building, transport, land price, and income factors. The overall carbon emissions of the Taichung metropolitan area are positively correlated with building-transport indicators and real estate pricing indicators. Compared with the Tainan metropolitan area’s usage characteristics, due to suburban use, there are apparent differences between the two metropolitan areas. This research helped develop a complete urban energy consumption indicator and future strategy model, which can be promoted through regulations for the periodical review of urban planning. </p> <p>&nbsp;</p>

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