In this paper we utilise the risk factors from both the finance and energy economics literatures to develop an improved … addition, we undertake inter-sectoral and inter-temporal analyses using the risk factors in our AFFM. Our results show our AFFM … captures the greatest proportion of returns relative to other models. Further, stock market risk factors (most notably the …

-regulation on stock returns and equity risk of affected companies. The focus is therefore laid on the the (renewable) energy sector … valuation and their perception of risk. In addition, it can be shown that positive announcements lead to a positive effect while … regulatory changes requires a combined consideration of risk and return effects. Otherwise the results for the impact on a whole …