scholarly journals Evaluation of Synergies in the Context of European Multi-Business Utilities

Energies ◽  
2020 ◽  
Vol 13 (24) ◽  
pp. 6676
Author(s):  
Jens Fuhrmann ◽  
Reinhard Madlener
Keyword(s):  
Influencing Factors ◽  
Business Model ◽  
Capital Market ◽  
Market Performance ◽  
Energy Markets ◽  
Energy Market ◽  
Utility Company ◽  
Vertical Cooperation

In this paper, we evaluate selected multi-business utilities in the European energy market with regard to synergy potentials. To this end, we survey the development of the energy market in Europe and the performance of integrated versus focused utilities regarding their capital market performance measured by their corporate surplus (or deficit). The analysis is restricted to true business integration, in contrast to horizontal or vertical cooperation among separate firms. The German utility company RWE is analyzed in more detail. We find that, over the last 10–15 years, most of the multi-business utilities investigated underperformed compared to more focused utilities, and that they were even below the STOXX Europe 600 utilities index. Furthermore, synergy potentials need to be evaluated continuously, especially when influencing factors, with the potential to act as “game changers”, are either emerging on the horizon or are already present. We conclude that operating an integrated business model is not necessarily outdated in today’s energy markets, and offers a number of advantages.

Divestiture and Its Market Reaction in a Consolidating Industry: The Global Brewing Industry

2021 ◽  
pp. 1-21
Author(s):  
Ludwig Erl ◽  
Florian Kiesel
Keyword(s):  
Mergers And Acquisitions ◽  
Capital Market ◽  
Market Reaction ◽  
Market Performance ◽  
Abnormal Returns ◽  
Brewing Industry ◽  
Efficiency Gains ◽  
Market Values ◽  
Jel Classifications ◽  
The Capital Market

Abstract This study provides a perspective on the market performance of divestitures in the global brewing industry. In 2018, the five largest players accounted for 60% of the global beer volume. We analyze to what extent the capital market values divestitures in an industry where players usually seek efficiency gains and growth through mergers and acquisitions. Based on a sample of 61 divestiture intent announcements in the period from 1999–2018, this study shows that publicly listed brewing groups experience significant positive abnormal returns of about 1.4%. We measure the influential effect of success determinants concerning the underlying industry, the divested business, the divestiture structure, and the divestor itself. (JEL Classifications: G14, G34, L25, Q14)

scholarly journals Renewable Energy Deployment and COVID-19 Measures for Sustainable Development

2021 ◽  
Vol 13 (8) ◽  
pp. 4418
Author(s):  
Miraj Ahmed Bhuiyan ◽  
Jaehyung An ◽  
Alexey Mikhaylov ◽  
Nikita Moiseev ◽  
Mir Sayed Shah Danish
Keyword(s):  
Renewable Energy ◽  
Short Term Memory ◽  
External Environment ◽  
Energy Markets ◽  
Energy Market ◽  
Short Term ◽  
The United Kingdom ◽  
Long Short Term Memory ◽  
Restrictive Measures ◽  
The Impact

The main goal of this study is to evaluate the impact of restrictive measures introduced in connection with COVID-19 on consumption in renewable energy markets. The study will be based on the hypothesis that similar changes in human behavior can be expected in the future with the further spread of COVID-19 and/or the introduction of additional quarantine measures around the world. The analysis also yielded additional results. The strongest reductions in energy generation occurred in countries with a high percentage (more than 80%) of urban population (Brazil, USA, the United Kingdom and Germany). This study uses two models created with the Keras Long Short-Term Memory (Keras LSTM) Model, and 76 and 10 parameters are involved. This article suggests that various restrictive strategies reduced the sustainable demand for renewable energy and led to a drop in economic growth, slowing the growth of COVID-19 infections in 2020. It is unknown to what extent the observed slowdown in the spread from March 2020 to September 2020 due to the policy’s impact and not the interaction between the virus and the external environment. All renewable energy producers decreased the volume of renewable energy market supply in 2020 (except China).

ASYMMETRIC-STRUCTURE ANALYSIS OF CARBON AND ENERGY MARKETS

Fractals ◽  
2016 ◽  
Vol 24 (01) ◽  
pp. 1650011 ◽  
Author(s):  
WEI XU ◽  
GUANGXI CAO
Keyword(s):  
Cross Correlation ◽  
Market Price ◽  
Energy Markets ◽  
Energy Market ◽  
Asymmetric Structure ◽  
Market Returns ◽  
Time Rate ◽  
Asymmetric Volatility ◽  
Volatility Transmission ◽  
Cross Correlation Analysis

This study aimed to investigate the asymmetric structure between the carbon and energy markets from two aspects of different trends (up or down) and volatility-transmission direction using asymmetric detrended cross-correlation analysis (DCCA) cross-correlation coefficient test, multifractal asymmetric DCCA (MF-ADCCA) method, asymmetric volatility-constrained correlation metric and time rate of information-flow approach. We sampled 1283 observations from January 2008 to December 2012 among pairs of carbon and energy markets for analysis. Empirical results show that the (1) asymmetric characteristic from the cross-correlation between carbon and returns in the energy markets is significant, (2) asymmetric cross-correlation between carbon and energy market price returns is persistent and multifractral and (3) volatility of the base assets of energy market returns is more influential to the base asset of the carbon market than that of the energy market.

scholarly journals Capital Market Performance as a Panacea for Economic Growth in Nigeria

2019 ◽  
Vol 13 (2) ◽  
pp. 1
Author(s):  
Akpokerere Othuke Emmanuel ◽  
Okoroyibo Eloho Elizabeth
Keyword(s):  
Economic Growth ◽  
Capital Market ◽  
Stock Exchange ◽  
Market Performance ◽  
Secondary Data ◽  
Least Square ◽  
Ex Post ◽  
Ordinary Least Square Regression ◽  
Market Variables ◽  
The Capital Market

The paper examined capital market performance as a panacea for economic growth in Nigeria from 1986-2016. A number of related literatures have shown that the Nigerian capital market variables studied has satisfactory market performance and has contributed to economic growth. Yet some researchers observed that the capital market has not significantly mobilized and effectively channeled substantial capital to the real sector of the economy. What could have been the reason for the divergences? The study was anchored on the demand following hypothesis. Secondary data were sourced from Central Bank of Nigeria Statistical Bulletin and Nigeria Stock Exchange fact-book of various editions. The paper adopted the ex-post facto research design while ordinary least square regression techniques was used to process the data gathered using E-views 9.0 software. The null hypotheses (Ho) were tested at 5% level of significance. The findings of the paper revealed that there is negative and insignificant relationship between capital market and the variables studied. The paper conclude that liquidity of the capital market is pivotal for economic growth in Nigeria while the study recommended that all tiers of government should be encouraged to fund their realistic long term developmental program through the Nigeria capital market.

scholarly journals Capital Market Performance and Economic Development in Nigeria

2019 ◽  
Vol 05 (12) ◽  
pp. 725-733
Author(s):  
Abu-Ubaida Ibrahim Kuna ◽  
Abdullahi Isah Hassan ◽  
Amiru Ibrahim
Keyword(s):  
Economic Development ◽  
Capital Market ◽  
Market Performance

A new business model? The capital market and the new economy

2001 ◽  
Vol 30 (4) ◽  
pp. 467-503 ◽  
Author(s):  
Hengyi Feng ◽  
Julie Froud ◽  
Sukhdev Johal ◽  
Colin Haslam ◽  
Karel Williams
Keyword(s):  
Business Model ◽  
Capital Market ◽  
New Economy ◽  
New Business ◽  
The Capital Market
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