Cover image for Financing Corporate Growth in the Renewable Energy Industry.
Financing Corporate Growth in the Renewable Energy Industry.
Title:
Financing Corporate Growth in the Renewable Energy Industry.
Author:
Ettenhuber, Christoph.
ISBN:
9783653030181
Personal Author:
Physical Description:
1 online resource (145 pages)
Series:
Finanzmärkte und Klimawandel ; v.2

Finanzmärkte und Klimawandel
Contents:
Cover -- Acknowledgements -- Preface -- Table of Contents -- List of Tables -- List of Figures -- List of Abbreviations -- 1 Introduction -- 2 Financing Constraints in the Cleantech Industry - Theory and Evidence -- 2.1 Market frictions, market failure and funding gaps -- 2.2 Firm characteristics and economic development -- 2.2.1 Company size, innovation and economic growth -- 2.2.2 Company size and employment -- 2.2.3 The role and structure of the cleantech industry in Germany -- 2.3 Theoretical considerations on capital market frictions -- 2.3.1 Supply-side based frictions -- 2.3.2 Demand side-based frictions -- 2.4 Empirical evidence on capital market frictions -- 2.4.1 Overview -- 2.4.2 International equity gap studies -- 2.4.3 Germany-focused equity gap studies -- 2.5 Cleantech industry evidence -- 2.6 Conclusion -- 3 Growth Options, Market Timing and Seasoned Equity Offerings in the Renewable Energy Industry -- 3.1 Data and methodology -- 3.2 Logit regression analysis -- 3.3 Risk dynamics -- 3.4 Use-of-funds analysis -- 3.5 Conclusion -- 4 Signaling with Convertible Debt in the Renewable Energy Industry -- 4.1 Literature review -- 4.1.1 Motivations for issuing convertible debt -- 4.1.2 Announcement returns and signaling -- 4.2 Data and methodology -- 4.3 Industry convertible debt structure -- 4.4 Short-term announcement effects -- 4.5 Issuer characteristics and failed signals -- 4.6 Cross-section analysis -- 4.7 Risk dynamics and buy-side effects -- 4.7.1 Risk dynamics -- 4.7.2 Buy-side effects -- 4.8 Conclusion -- 5 M&A-Success in the Renewable Energy Industry -- 5.1 Literature review -- 5.2 Data and methodology -- 5.2.1 Data -- 5.2.2 Methodology -- 5.3 Short-term announcement effects -- 5.3.1 Overall stock price performance -- 5.3.2 Transaction returns by sub-sector -- 5.3.3 Transaction returns by transaction characteristic.

5.4 Cross-section analysis -- 5.5 Conclusion -- 6 Concluding Remarks and Outlook -- Bibliography.
Abstract:
Financing constraints have been central to the political and economic debate about renewable energy development. This book addresses four related corporate finance questions. The first chapter reviews theoretical considerations and empirical evidence on so-called funding gaps. Chapters two and three analyze the genuine structures of equity and convertible debt offerings in the industry. The final part investigates to what extent business combinations are perceived as a valuable means to company growth. The analysis contains a variety of empirical findings that are novel to existing emerging industry and corporate finance research. It shows that many investors perceive the level of asymmetric information and regulatory risk, as well as the industry's structure, to be detrimental to renewable energy finance.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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