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Risk-return relationship of the renewable energy industry

Dirdal, Tonje Helland; Gjone, Kristin
Master thesis
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URI
http://hdl.handle.net/11250/2484386
Date
2017
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  • Master of Science [1117]
Abstract
This paper examines the risk-return relationship of the renewable energy industry

by estimating the systematic risk and its determining factors. Using a variable beta

model, we find that the systematic risk has decreased compared to previous

research. However, an estimated beta of approximately 1.5 is still high given the

low stock returns realized over the past decade. The empirical results of our

restricted model show that return on assets increases the systematic risk, while

growth opportunities have the opposite impact. Furthermore, we use our findings

to address the overall question of whether the recent development of renewable

investments is driven by profitability or sustainable investments. Although the

industry is becoming more cost-competitive, it seems that sustainable investments

and climate change policies also play an important role.
Description
Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2017
Publisher
BI Norwegian Business School

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