You are here

Home » Content

Alman Borsalarında İşlem Gören Alternatif Enerji Firmalarının Fiyatlarına Etki Eden Faktörler

The Factors Affecting the Stock Prices of Alternative Energy Firms Listed on German Stock Exchanges

Journal Name:

  • Ordu Üniversitesi Sosyal Bilimler Araştırmaları Dergisi

Publication Year:

  • 2016

Key Words:

Keywords (Original Language):

Author Name
Abstract (2. Language): 
In this study, the factors affecting the stock prices of alternative energy companies listed on German stock exchanges were analyzed. For that purpose, DAX 30 index, oil prices and natural gas prices were chosen as the factors that might have effect on stock prices of alternative energy companies. GARCH(1,1) model was used for the analysis as the data in the analysis demanded so. The results suggested that DAX index has effect on the stock returns of alternative energy companies and that result was already expected. However, natural gas appeared as a more important factor than oil prices with regard to the volatility of stock prices of alternative energy companies. Natural gas prices have more obvious effect on the risk of alternative energy companies than oil prices. One possible cause of that result may be the fact that Europe especially Germany is not only net natural gas importer but also they mostly depend on only one supplier.
Bookmark/Search this post with
Abstract (Original Language): 
Bu çalışmada, fosil yakıtlara alternatif enerji üreten, Alman borsalarında işlem gören, alternatif enerji firmalarının hisse senedi performansını etkileyen faktörler, özellikle petrol ve doğal gaz fiyatlarının etkisi incelenmiştir. Bu amaçla, DAX 30 endeksi, petrol fiyatları ve doğal gaz fiyatları, alternatif enerji firmalarının hisse senedi fiyatını etkileyebilecek faktörler olarak seçilmiştir. Çalışmada GARCH (1,1) modeli uygulanmıştır ve modelin uygunluğunu test etmek amacıyla yapılan testlerin sonucunda, model uygun görülmüştür. Analiz sonucunda, literatürde beklendiği gibi DAX endeksi Alman borsalarında işlem gören Alternatif Enerji Firmalarının getirisini etkiler bulunmuştur. Alternatif Enerji Firmalarının hisse senedi fiyatlarındaki oynaklığı, yani riski etkileyen faktör olarak petrol fiyatlarından ziyade, doğal gaz fiyatları ön plana çıkmıştır. Çalışma sonucunda petrol fiyatlarının alternatif enerji firmalarının hisse senedi fiyatları üstünde ciddi bir etkiye sahip olmadığı ancak bunun aksine doğal gaz fiyatlarının etkili olduğu görülmektedir. Bunun nedeni, Avrupa'nın, özellikle Almanya'nın doğal gaz konusunda sadece dışarı bağımlı olması değil aynı zamanda büyük oranda tek bir tedarikçiye bağımlı olması olarak görülebilir.
FULL TEXT (PDF): 
PDF icon arastirmax-alman-borsalarinda-islem-goren-alternatif-enerji-firmalarinin-fiyatlarina-etki-eden-faktorler.pdf
  • 3
895
902
  • Turkish

JEL Codes:

REFERENCES

References: 

Bohl, M. T., Kaufmann, P., & Stephan, P. M. (2013), ‘‘From Hero To Zero: Evidence Of Performance
Reversal And Speculative Bubbles İn German Renewable Energy Stocks’’ Energy Economics, 37, 40-51.
Bollerslev, T. (1986), ‘‘Generalized Autoregressive Conditional Heteroskedasticity’’, Journal Of
Econometrics, 31(3), 307-327.
Boyer, M. M., & Filion, D. (2007), ‘‘Common And Fundamental Factors İn Stock Returns Of Canadian
Oil And Gas Companies’’, Energy Economics, 29(3), 428-453.
Cheon, A., & Urpelainen, J. (2012), ‘‘Oil Prices And Energy Technology İnnovation: An Empirical
Analysis’’, Global Environmental Change, 22(2), 407-417.
Dickey, D. A., & Fuller, W. A. (1979), ‘‘Distribution Of The Estimators For Autoregressive Time Series
With A Unit Root’’, Journal Of The American Statistical Association, 74(366a), 427-431.
Engle, R. F. (1982). ‘‘Autoregressive Conditional Heteroscedasticity With Estimates Of The Variance
Of United Kingdom İnflation’’ Econometrica: Journal Of The Econometric Society, 987-1007.
Gormus, N. A., & Sarkar, S. (2014). ‘‘Alternative Energy İndexes And Oil’’, Journal Of Accounting
And Finance, 14(4), 52.
Hamilton, J. D. (1983). ‘‘Oil And The Macroeconomy Since World War II.’’, The Journal Of Political
Economy, 228-248.
Henriques, I., & Sadorsky, P. (2008). ‘‘Oil Prices And The Stock Prices Of Alternative Energy
Companies’’, Energy Economics, 30(3), 998-1010.
Inchauspe, J., Ripple, R. D., & Trück, S. (2015). ‘‘The Dynamics Of Returns On Renewable Energy
Companies: A State-Space Approach’’. Energy Economics, 48, 325-335.
Kumar, Surender, Shunsuke Managi, And Akimi Matsuda.(2012), "Stock Prices Of Clean Energy
Firms, Oil And Carbon Markets: A Vector Autoregressive Analysis" Energy Economics 34.1 (2012): 215-
226.
Alman Borsalarında İşlem Gören Alternatif Enerji Firmalarının Fiyatlarına Etki
Eden Faktörler/ C. Tanrıöven & Ş. Koçoğlu
901
Managi, S., & Okimoto, T. (2013). ‘‘Does The Price Of Oil İnteract With Clean Energy Prices İn The
Stock Market?’’, Japan And The World Economy, 27, 1-9.
Ortas, E., & Moneva, J. M. (2013). ‘‘The Clean Techs Equity İndexes At Stake: Risk And Return
Dynamics Analysis’’, Energy, 57, 259-269.
Phillips, P. C., & Perron, P. (1988). ‘‘Testing For A Unit Root İn Time Series
Regression’’, Biometrika, 75(2), 335-346.
Reboredo, J. C. (2015). ‘‘Is There Dependence And Systemic Risk Between Oil And Renewable
Energy Stock Prices?’’, Energy Economics, 48, 32-45.
Sadorsky, P. (2001). ‘‘Risk Factors İn Stock Returns Of Canadian Oil And Gas Companies’’, Energy
Economics, 23(1), 17-28.
Sadorsky, P. (2012a). ‘‘Modeling Renewable Energy Company Risk’’, Energy Policy,40, 39-48.
Sadorsky, P. (2012b). ‘‘Correlations And Volatility Spillovers Between Oil Prices And The Stock
Prices Of Clean Energy And Technology Companies’’, Energy Economics, 34(1), 248-255.
US Energy Information Administration (2016), Europe Brent Spot Price FOB, ,
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=rbrte&f=D, Erişim Tarihi: 2 Ağustos, 2016
US Energy Information Administration (2016), Henry Hub Natural Gas Spot Price,
https://www.eia.gov/dnav/ng/hist/rngwhhdm.htm. . Erişim Tarihi: 2 Ağustos, 2016
US Energy Information Administration (2016), International Energy Statistics, Total Renewable
Electricity Net Generation (Billion Kilowatthours),
http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=6&pid=29&aid=12. Erişim Tarihi:15.Ağustos 2016
Wen, X., Guo, Y., Wei, Y., & Huang, D. (2014). ‘‘How Do The Stock Prices Of New Energy and fossil
fuel companies correlate? Evidence from China’’, Energy Economics, 41, 63-75.

Thank you for copying data from http://www.arastirmax.com