The considerable amount of required infrastructure and renewable energy investments expected in the forthcoming years also implies an increasingly relevant contribution of private and institutional investors. In this context, especially regulatory and policy risks have been shown to play a major...

Long-term comovements of national stock markets in three EMS (European Monetary System) countries--France, Germany and Italy--are examined. The EMS stock markets are found to display long-term comovements governed by two common permanent components. To identify some interpretable sources of such...