| Popis: |
The scope of this paper is to highlight the main regulatory aspects embodied within the CERs (Certificate of Emission Reduction) and its impact on the Brazilian utility companies listed in the stock exchange. It is argued that missing points/holes in the regulation of these financial instruments create a short-run positive externality, which is not perceived by institutional investors. Through an econometric approach, it is suggested that this fact can be captured by a cointegration (VECM). |
