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The European Union (EU) has redefined the energy sphere in Europe over the last three decades. Transnational policies targeting liberalization and integration, energy efficiency, renewables, carbon pricing, and energy security have led to major steps forward in terms of a more secure,...
Persistent link: https://www.econbiz.de/10012610112
We present a modelling approach for sector asset pricing studies that incorporates sector-level risk factors, subgroup portfolios, and structural breakpoint tests that are better at isolating the time-varying nature and the firm-specific component of returns. Our results show considerable...
Persistent link: https://www.econbiz.de/10012611349
In this paper we utilise the risk factors from both the finance and energy economics literatures to develop an improved asset pricing model (the Augmented-Four-Factor Model or AFFM) in the context of the European energy utility sector. In addition, we undertake inter-sectoral and inter-temporal...
Persistent link: https://www.econbiz.de/10012997935
We present a modelling approach for sector asset pricing studies that incorporates sector-level risk factors, sub-group portfolios, and structural break point tests that are better at isolating the time-varying nature and the firm-specific component of returns. The sub-group portfolios show...
Persistent link: https://www.econbiz.de/10012947613
The European Union (EU) has redefined the energy sphere in Europe over the last 3 decades. Transnational policies targeting liberalization and integration, energy efficiency, renewables, carbon pricing, and energy security have led to major steps forward in terms of a more secure, integrated,...
Persistent link: https://www.econbiz.de/10013237835
There is a lot of forward looking work attempting to envisage the decarbonised energy system of the future as reflected with current interest in "smart grids". A central tenet behind most visions of the "smart grids" of the future are the price signals that financial and commodity markets will...
Persistent link: https://www.econbiz.de/10013084589
Persistent link: https://www.econbiz.de/10011972541
Persistent link: https://www.econbiz.de/10011661661
Persistent link: https://www.econbiz.de/10011848200
The European Union's (EU) energy sector is changing due to major policy reforms. In this article, we examine the impact of major legislative changes which were designed to induce competition in the energy sector: the three liberalization packages. Competition was expected to benefit the industry...
Persistent link: https://www.econbiz.de/10012949854