Stock prices of clean energy firms, oil and carbon markets: A vector autoregressive analysis

Kumar, Surender; Managi, Shunsuke; Matsuda, Akimi

doi:10.1016/j.eneco.2011.03.002

Cited by 501 publications

(287 citation statements)

References 20 publications

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“…Similar evidence was found by Ji and Fan (2012) who found that the crude oil market has significant volatility spillover effects on non-energy commodity markets and they have strengthened after the crisis. A similar result was also reported by Creti, Joëts, and Mignon (2013) who showed increased links between stock and commodity markets, and by Gomes and Chaibi (2014) who highlighted that shock and volatility spillovers tend to go more often from oil to stock markets than viceversa, see also Arouri and Nguyen (2010), Filis, Degiannakis, andFloros (2011), Kumar, Managi, andMatsuda (2012), Awartani and Maghyereh (2013) and Khalfaoui, Boutahar, and Boubaker (2015). Given this increased influence of the oil market on the other markets, regulators should consider a regulatory framework able to mitigate an oil price crash due to panic selling and/or market manipulation: a potential starting point could be the model developed by Dutt and Harris (2005), which can be used 21 to set position limits for cash-settled derivative contracts.…”

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confidence: 63%

The oil price crash in 2014/15: Was there a (negative) financial bubble?

Fantazzini

2016

Energy Policy

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This paper suggests that there was a negative bubble in oil prices in 2014/15, which decreased them beyond the level justified by economic fundamentals. This proposition is corroborated by two sets of bubble detection strategies: the first set consists of tests for financial bubbles, while the second set consists of the log-periodic power law (LPPL) model for negative financial bubbles. Despite the methodological differences between these detection methods, they provided the same outcome: the oil price experienced a statistically significant negative financial bubble in the last months of 2014 and at the beginning of 2015. These results also hold after several robustness checks which consider the effect of conditional heteroskedasticity, model set-ups with additional restrictions, longer data samples, tests with lower frequency data and with an alternative proxy variable to measure the fundamental value of oil.

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supporting

confidence: 63%

The oil price crash in 2014/15: Was there a (negative) financial bubble?

Fantazzini

2016

Energy Policy

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“…changes in both technology stock and in oil prices precede alternative energy stock price changes). Kumar, Managi, and Matsuda (2012) find-on the basis of data from three clean energy indices-that oil prices and technology stock prices separately affect the stock prices of clean energy firms.…”

Section: Methodsmentioning

confidence: 99%

Financing energy transformation: The role of renewable energy equity indices

Rezec

Scholtens

2016

International Journal of Green Energy

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The support of financial markets for the transformation of the energy system to a low carbon society seems critical for its success. But will they support this transformation on the basis of market incentives alone? This study analyses how equity indices that try to capture renewable energy investments perform compared to conventional benchmark indices. Especially financial market investors-such as pension funds, insurance companies, and mutual funds-use these to assess and guide their renewable energy investments. As such, we take the perspective of financial market participants, which mainly only indirectly invest in renewable energy. We also analyze whether renewable energy indices are to be regarded as an example of market environmentalism. We find that the renewable energy indices' risk-adjusted return is very poor and suggests renewables is not a financially attractive portfolio investment yet. We also argue that renewable energy equity indices can be regarded as an example of market environmentalism, especially with respect to commodification and frame-shifting.

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“…Other studies are focused on the economic performances of the companies producing various types of renewable energy on the stock market [21,22]. Other types of analysis, such as the Bohl et al study [23], could not be replicated for the Romanian market since there are a few companies operating in the renewable energy sector that are listed on the stock exchange.…”

Section: Introductionmentioning

confidence: 99%

Sustainability and Economic Performance of the Companies in the Renewable Energy Sector in Romania

Bușu

Nedelcu

2017

Sustainability

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Abstract:In this paper, we focus on the sustainability and economic performance of the renewable energy sector of Romania. In our analysis, we have used Total Quality Management (TQM) model, which is an economic modern tool used for improving the quality of management for all companies. The aim of this study is to bring into discussion the conceptualized TQM model of Edward Deming underlying different stages of its evolution as it is described in the economic literature. Conceptual model is applied in a case study of the renewable energy sector of Romania. The quantitative research evaluates the impact of the total quality management to achieve the sustainable development, performance objectives and the competitive advantage of the companies in the renewable energy sector. Data was collected through a survey and the questionnaire was addressed to the management and employees in the renewable energy sector. Structural equation modelling (SEM) was used and the hypotheses were tested by partial least square (PLS) equations. Data was analyzed through the Smart PLS 3 software. The main contribution of this paper is to identify and evaluate the relationship among sustainable development, economic performance of the companies and TQM model indicators. The conclusions of our research are in line with the existing literature and confirm the theoretical assumptions, underlining the fact that the undertaking's performance and sustainable development is a direct consequence of the combination among a series of factors like decisional power quality, motivated workforce as well as integrity of operational process.

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Stock prices of clean energy firms, oil and carbon markets: A vector autoregressive analysis

Cited by 501 publications

References 20 publications

The oil price crash in 2014/15: Was there a (negative) financial bubble?

The oil price crash in 2014/15: Was there a (negative) financial bubble?

Financing energy transformation: The role of renewable energy equity indices

Sustainability and Economic Performance of the Companies in the Renewable Energy Sector in Romania

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