|dc.description.abstract||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.||nb_NO