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What impacts wind and solar stock prices? Evidence before and after the financial crisis of 2008

Chaiba, Jonas; Løkaas, Simen Li
Master thesis
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2038574.pdf (2.565Mb)
Preliminary.pdf (2.648Mb)
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http://hdl.handle.net/11250/2580174
Utgivelsesdato
2018
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Samlinger
  • Master of Science [1116]
Sammendrag
This thesis investigates the value drivers of wind and solar energy stocks.

Through a lag-augmented vector autoregressive model, we test the impact of

shocks to interest rates, oil prices and technology stocks on the stock performance

of the two renewable energies. The study uses Granger causality tests, impulse

response functions and variance decomposition in order to determine the

relationships. The study is conducted before and after the Great Recession. The

results show differences from the first period to the second, indicating that

increases in technology stocks lead to increases in wind and solar stock prices in

the pre-crisis period. This relationship is almost absent in the post-crisis period.

Oil prices proves only to be weakly significant in the period after the crisis, and

changes in interest rates are, surprisingly, not significant to the performance of the

renewables in neither of the two periods. Our study presents findings on wind and

solar energy stock prices, which contrast from previous research that investigated

characteristics of renewable energy stock prices as a whole.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2018
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Handelshøyskolen BI

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