Akademik Veri Yönetim Sistemi
International Journal of Economics and Finance, cilt.7, ss.43-55, 2015 (Hakemli Dergi)
As new alternative energy industries are created and old ones are revised, markets constantly try to interpret and
adjust to those changes. The purpose of this study is to shed some light on the inner dynamics of the select
outside price-shocks versus sector-specific energy companies. This study analyzes the inner dynamics (both
short and long-term) of sub-sector energy company portfolios such as petroleum, coal, natural gas, solar, nuclear,
wind, and biofuel with respect to each other as well as other asset markets commonly used in literature. In light
of outside shocks, we find that some alternative energy companies behave like fossil-fuel companies, while
others don’t. Interestingly petroleum companies give no significant short-term response to oil-price or
exchange-rate shocks. Also, there is a significant relationship between gold price shocks and most energy
sub-sectors in the long-run. The same relationship was not observed in the short-run.