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Abnormal returns in the renewable energy and cleantech sector?
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
2014 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The purpose of this thesis is to further examine the market dynamics of M&As in the cleantech and renewable energy industry. This study analyzes the abnormal returns of 273 announced and 54 completed buyout acquisitions that took place between 1997 and 2014. The event study method is used to test if cleantech deals experience higher returns than traditional energy and mining deals, if deal completions display similar effects as deal announcements (which is the unique contribution of this thesis) and if homogenous deals experience higher abnormal returns than heterogeneous deals. The outcomes are that the traditional energy and mining sector outperforms the cleantech sectors in homogenous deals. That deal completions effect follows the announcements effect for 11 out of 15 groups and that homogenous deals outperform heterogeneous deals.

Place, publisher, year, edition, pages
Keyword [en]
Cleantech – Buyout acquisition – Abnormal returns – Business strategy – Event study
National Category
URN: urn:nbn:se:uu:diva-226376OAI: oai:DiVA.org:uu-226376DiVA: diva2:725250
Available from: 2014-06-16 Created: 2014-06-16 Last updated: 2014-06-16Bibliographically approved

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