globalchange  > 气候变化与战略
DOI: 10.1016/j.enpol.2021.112190
论文题名:
Chasing the ‘green bandwagon’ in times of uncertainty
作者: Dragomirescu-Gaina C.; Galariotis E.; Philippas D.
刊名: Energy Policy
ISSN: 03014215
出版年: 2021
卷: 151
语种: 英语
中文关键词: Crude oil ; Dynamic herding ; Green energy ; Pricing dynamics
英文关键词: Investments ; Asset allocation ; Energy equity ; Energy markets ; Energy transitions ; Financial risks ; Information set ; Low carbon economy ; Multidimensional nature ; Economics ; alternative energy ; crude oil ; energy market ; energy policy ; investment ; price dynamics ; United States
英文摘要: The transition to a low-carbon economy poses significant challenges for investors in energy markets, entailing higher uncertainty and not just higher risks. On the back of the ongoing greening in investment preferences, we focus on investors' group behaviour with respect to U.S. energy equities, which lie at the crossroads in this energy transition phase from an old technology that relies heavily on oil, to a new, greener one. Based on a dynamic herding metric, we find that changes in investors' behaviour with respect to green asset allocations require a better information set than in the case of crude oil allocations, for which only information on returns is a relevant driver of behaviour. We argue that policy uncertainty is better than financial risk proxies in reflecting the multidimensional nature of uncertainty and the various risks associated with investing in green energy today. Our findings suggest the need to reduce uncertainty stemming from the policy realm, given its raising impact on investors’ portfolios on the back of higher allocations towards greener assets. © 2021 Elsevier Ltd
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资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/167752
Appears in Collections:气候变化与战略

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作者单位: Universita Cattolica Del Sacro Cuore, Largo A. Gemelli 1, Milan, 20123, Italy; Audencia Business School, 8 Route de la Jonelière, 31222, Nantes, 44300, France; ESSCA School of Management, 55 Quai Alphonse Le Gallo, Boulogne-Billancourt, Paris 92513, France

Recommended Citation:
Dragomirescu-Gaina C.,Galariotis E.,Philippas D.. Chasing the ‘green bandwagon’ in times of uncertainty[J]. Energy Policy,2021-01-01,151
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