We investigate how the volatility of carbon emission allowance (EUA) prices affects European stock market sectors. We employ a connectedness network analysis on prices of EUA futures and FTSE stock market sector indices and find that the EUA is mostly a net receiver of volatility connectedness and significantly receives volatility across most sectors during the recent European energy crisis.

中文翻译：

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碳价格波动会影响欧洲股市板块吗？连通性网络分析

我们调查了碳排放配额 (EUA) 价格的波动如何影响欧洲股市板块。我们对 EUA 期货和 FTSE 股票市场行业指数的价格进行了连通性网络分析，发现 EUA 主要是波动性连通性的净接收者，并且在最近的欧洲能源危机期间显着接收了大多数行业的波动性。