Evolution of Risks for Energy Companies from the Energy Efficiency Perspective: The Brazilian Case
作者： Luciano Luiz Dalazen , Claudimar Pereira da Veiga , Wesley Vieira da Silva , Marcos Perroni , Sergio Eduardo Gouvêa
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摘要: This study aims to evaluate whether energy savings from efficiency programs in Brazil affected the risks taken by companies during period 2000–2013, based on following research question: Can we assume that conservation affect return electrical companies? The results obtained through risk assessment models, exponentially weighted moving averages, and capital asset pricing model indicated periods of crisis, both volatility required returns were higher, but less difficult periods, significantly reduced. Further, as contribution, this suggests elimination affirmative hypothesis a possible increase affects companies. Keywords : Capital Asset Pricing Model; PROCEL, Energy Conservation Programs. JEL Classifications: E30; G38; K23; M48; Q4
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