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In: Economic affairs: journal of the Institute of Economic Affairs, Band 33, Heft 3, S. 312-326
ISSN: 1468-0270
AbstractAfter a brief period of liberalisation, the UK energy market is reverting towards its pre‐1980s state in which central government intervenes extensively, particularly in the fuel choices of electricity generators. Many powerful interest groups benefit from centralised energy planning, which may be why the market reverts to that situation as a norm. Of the two principal reasons given for government intervention, there is little substance in the argument that it improves security of supply. There may be a better case for action to offset prospective climate change, but the present centralised approach risks massive errors. Decentralised, market‐based action is more appropriate.
Capital markets provide opportunities for people to participate in the development of an economy. With the capital market, companies can more easily get capital from the community so as to create broad jobs and increase taxes for the government. The capital market as an instrument is not separated from various influences, especially the economic environment. The influence of the microeconomic environment for example the performance of the company can be seen from the financial ratios of the company. The purpose of this study is to analyze the effect of return on equity, deb to equity ratio and current ratio on the share price of companies listed in jakarta islamic index with price earning ratio as variable moderating. The population and samples used were jii-registered companies from 2015 to 2019. The results show that by using a significant rate of five percent, roe variables have a significant influence on the share price, DER variables have a significant influence on the share price, CR variables have a significant influence on the share price, PER variables can significantly strengthen the influence of roe variables on the company's share price, PER variables can significantly strengthen the influence of DER variables on the company's share price , and per variables can significantly strengthen cr's influence on the company's share price.
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Cooling system is something that is already familiar to the people of Indonesia, both in domestic and industrial use. The cooling system functions to reduce the temperature of a room so that the temperature is as desired. The development of air conditioners is increasingly modern. The use of air conditioners (AC) is growing rapidly so that the CFCs produced affect the environment which can cause the ozone layer to be damaged and cause global warming. Therefore, there is a need for research related to the level of energy use. This study discusses the Energy Efficiency Ratio test to realize a government program that is "one family one number testing". Retrieval of data in this report is by testing the split type air conditioner, where this test aims to obtain an energy-saving star label on the air conditioner. All tests are carried out at the AC Chamber Laboratory located at the Center for Energy Conversion Technology (B2TKE) - BPPT which is a professional energy conversion testing center in Indonesia. The testing process is carried out in a structured way from initial checking of test materials, preparation of tests, testing to analysis of test results. Based on the test analysis results, it can be concluded that the Energy Efficiency Ratio (EER) value to get the energy saving sign star label and the test results obtained the Energy Efficiency Ratio (EER) value of 11,805 Btu / h and get a four star.
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In: EL53071
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In: FRL-D-23-01712
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In: Discussion paper 08-017
This paper constitutes a first analysis on stock returns and stock return volatility of energy corporations from the Eurozone. According to our results, the gas market does not play a role for the pricing of Eurozone energy stocks. However, changes in the Euro to U.S. Dollar exchange rate as well as developments at the money and especially at the oil market strongly affect returns of the energy stock portfolios analyzed. While oil price hikes negatively impact on stock returns of European utilities, they lead to an appreciation of oil and gas stocks. Most importantly, we show that oil market volatility negatively affects European oil and gas stocks. In contrast, energy stock volatility is not driven by volatility of the resource market, but only by its own dynamics.
In: SpringerBriefs in Energy
The Energy Return on Energy Invested (EROI or EROEI) is the amount of energy acquired from a particular energy source divided by the energy expended, or invested, in obtaining that energy. EROI is an essential and seemingly simple measure of the usable energy or "energy profit" from the exploitation of an energy source, but it is not so easy to determine all of the energy expenditures that should be included in the calculation.
In: Environmental science and pollution research: ESPR, Band 30, Heft 10, S. 25836-25850
ISSN: 1614-7499
AbstractWe explore the global interactions between oil and renewable energy returns during the Covid-19 pandemic between July 2019 and June 2020. Moreover, we reflect on market stress and global economic activity. In order to deal with challenges generated by exogenous shocks coming from financial, economic or pandemic areas, a battery of advanced time–frequency domain methods is applied, ranging from wavelet transformation and wavelet coherency to wavelet cohesion. The main finding shows that pandemic disease is veritable glue for the oil energy–renewable energy nexus, validating their coupling effect. Additionally, the emerging connection between renewable and financial developments is evidenced during the pandemic crisis, although the connection between oil and financial developments is still stronger. Finally, both renewable energy and oil markets have comparably strong relationships with the general global economic activity. The policy implications should follow direct adjustments in the renewable energy area, and subsidiary to cover the behaviour of agents on the capital markets.
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In: NBER working paper series 13896
"To measure the wealth-consumption ratio, we estimate an exponentially affine model of the stochastic discount factor on bond yields and stock returns. We use that discount factor to compute the no-arbitrage price of a claim to aggregate US consumption. Our estimates indicate that total wealth is much safer than stock market wealth. The consumption risk premium is only 2.2 percent, substantially below the equity risk premium of 6.9 percent. As a result, our estimate of the wealth-consumption ratio is much higher than the price-dividend ratio on stocks throughout the post-war period. The high wealth-consumption ratio implies that the average US household has a lot of wealth, most of it human wealth. A variance decomposition of the wealth-consumption ratio shows less return predictability overall, but most of the return predictability is for future interest rates, not excess returns. We conclude that the properties of the total wealth portfolio are more similar to those of a long-maturity bond portfolio than those of a stock portfolio. The differences that we find between the risk-return characteristics of equity and total wealth suggest that equity is a special asset class"--National Bureau of Economic Research web site
This thesis focuses on the evaluation of banking prudential regulation efficiency. It also proposes public policy recommendations to improve existing prudential requirements. In the first chapter, we question the macroeconomic objective of Basel III: ensure financial stability. To this end, we propose a method for calculating a financial stability indicator. We then assess the effect of capital and liquidity ratios on this indicator. Our results highlight the need to consider the existence of non-linearities in the link between prudential ratios and financial stability. We also stress that an aggregated and consensual measure of financial stability isessential for assessing the effectiveness of regulation. In our second chapter, we look at the impact of capital, leverage and liquidity ratios from a microeconomic perspective. Specifically, we assess their predictive power and marginal impact on banks' probability of default, through the implementation of classical and machine learning classification methods. On the one hand, we show that capital regulation is more efficient than liquidity regulation. On the other hand, the effects of leverage and capital ratios are equivalent, which leads us to argue in favor of stronger leverage regulation. Indeed, this would make it possible to greatly reduce the complexity of regulation, while making it less specific than it is today. To verify this hypothesis, we assess the possible "collateral damage" of regulation in the third chapter. Using Lasso models and random forests, we calculate the impact of capital, leverage and liquidity ratios on bank profitability. It appears that the leverage ratio is more determinant in the constitution of banks' performance as measured by the return on assets. Return on equity, on the other hand, is negatively impacted. Our recommendation for stricter banking regulations on leverage therefore remains valid since it carries a private cost borne by shareholders, and not a social cost, borne by the banking activity. ; Cette thèse s'intéresse à l'évaluation de l'efficacité de la règlementation prudentielle bancaire. Elle propose également des recommandations en termes de politiques publiques pour améliorer les exigences prudentielles en vigueur. Dans le premier chapitre, nous questionnons l'objectif macroéconomique de Bâle III : assurer la stabilité financière. Nous proposons pour cela, une méthode de calcul d'un indicateur de stabilité financière. Puis nous évaluons l'effet des ratios de capital et de liquidité sur cet indicateur. Nos résultats mettent en exergue la nécessité de prendre en compte l'existence de non-linéarités dans le lien entre les ratios prudentiels et la stabilité financière. Nous soulignons également que la constitution d'une mesure agrégée et consensuelle de stabilité financière est essentielle pour pouvoir évaluer l'efficacité de la règlementation. Dans notre deuxième chapitre, nous nous intéressons à l'impact des ratios de capital, de levier et de liquidité du point de vue microéconomique. Précisément, nous évaluons leur pouvoir prédictif et impact marginaux sur la probabilité de défaut des banques, via la mise en place de méthodes de classification classiques et de machine learning. D'une part, nous montrons que la règlementation en capital est plus efficace que celle en liquidité. D'autre part, les effets des ratios de levier et de capital sont équivalents, ce qui nous pousse à arguer en faveur d'une règlementation plus forte en levier. En effet, cela permettrait de réduire fortement la complexité de la règlementation, tout en lui donnant un caractère moins spécifique qu'aujourd'hui. Pour vérifier cette hypothèse, nous conduisons dans le troisième chapitre, une évaluation des « dommages collatéraux » éventuels de la règlementation. En particulier, à l'aide de modèles Lasso et de forêts aléatoires, nous calculons l'impact des ratios de capital, levier et liquidité sur la rentabilité des banques. Il apparait que le ratio de levier est plus déterminant dans la constitution de la performance des banques mesurée par le rendement des actifs. Le rendement des fonds propres est en revanche négativement impacté. Notre préconisation d'une règlementation bancaire plus sévère en levier reste donc valide puisqu'elle porte un coût privé supporté par les actionnaires, et non un coût social, supporté par l'activité bancaire.
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In: Structural change and economic dynamics, Band 63, S. 15-24
ISSN: 1873-6017
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The amount of energy striking the earth's surface in one hour is higher than global annual societies energy use, yet the fraction of incoming solar radiation that can be harvested is significantly constrained. A global grid-cell methodology was adopted to assess the available global solar energy potential taking into account four constraints: land-use, solar irradiation, solar-to-electric technology, and net energy. Net energy is the amount of energy that is delivered to end-users, after subtraction of the energy inputs needed for capital infrastructure and operation. Both photovoltaic and concentrated solar power technologies are considered. The resulting constrained solar potential worldwide was estimated at 1098 exajoules per year, of which 98%, 75%, and only 15% can be extracted if the system needs to deliver an energy return on energy invested set at 5, 7.5, and 9, respectively. The resulting global solar potential is substantially lower than most previous estimates. Depending on how high the energy return needs to be relative to the energy investment needed to maintain a sustainable society, the achievable potential will be significantly constrained. The effect is especially significant in lower solar radiation regions. The European Union holds only 2% of the global solar net energy potential.
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