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The impact of liberalization and environmental policy on the financial returns of European energy utilities

Abstract:

European energy utilities face a range of policy induced challenges that are materially affecting their financial returns. Accordingly, in this paper we examine the impact of liberalization, energy efficiency, renewable energy, and security of supply legislation on European energy utilities' returns between 1996 and 2013. We implement an event study portfolio analysis using a comprehensive list of major regulatory changes, the largest utility sample to date, and a novel asset pricing model th...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.5547/01956574.38.2.dtul

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Institution:
University of Oxford
Division:
SSD
Department:
SOGE
Sub department:
Smith School
Role:
Author
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Name:
University of Otago, New Zealand
Funding agency for:
Tulloch, DJ
Publisher:
International Association for Energy Economics
Journal:
Energy Journal More from this journal
Volume:
38
Issue:
2
Pages:
77-106
Publication date:
2017-06-01
Acceptance date:
2016-03-26
DOI:
EISSN:
1944-9089
ISSN:
0195-6574
Language:
English
Keywords:
Pubs id:
pubs:612192
UUID:
uuid:43d19436-21d4-4dcc-a60e-e2a36b4de220
Local pid:
pubs:612192
Source identifiers:
612192
Deposit date:
2016-03-30

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