Equity risk analysis of renewable energy producers listed on Warsaw Stock Exchange in the light of the bill on renewable energy sources
Journal Title: Zarządzanie i Finanse - Year 2014, Vol 12, Issue 3
Abstract
The subject of this article is equity risk analysis of renewable energy producers listed on WSE in the light of new legal regulations. The market risk determinants of this sector is company’s size and shareholders structure. Using standard market risk measures we observe that the sector may be described as defensive. Small sample of companies listed on alternative market segment makes the statistical hypothesis testing difficult. Additionally, we find small capitalization stocks illiquid because the number of days without trading is big and the freefloat is limited. The introduction of new auction system will increase the exposure to firm’s specific risks. It means, the cost of capital for well-diversified, large investor would not change. While for small, undiversified investors the total beta will increase. As a result the greater level of risk for small investors would speed up consolidation process in the sector.
Authors and Affiliations
Tomasz Słoński, Magdalena Ligus, Józef Rudnicki
Keywords
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