E-Mobility and Related Clean Technologies from an Empirical Corporate Finance Perspective

State of Economic Research, Sourcing Risks, and Capital Market Perception

by Christian Babl (Author)
©2015 Thesis XXII, 112 Pages
Series: Finanzmärkte und Klimawandel, Volume 6


The book deals with the use of clean technologies and in particular of electronic mobility from the perspective of the empirical capital market. The author sheds light on the developments of economic research in the past 20 years, identifies research gaps and analyses them in detail if data is sufficient. Based on the example of rare earths, he presents the impact of future raw material shortages when using mobile electronic technologies and proposes possible solutions for all market players from a financial research perspective. In addition, the book presents a first assessment of the industry’s innovation development by means of the capital-market oriented evaluation of corporate cooperations in the field of electronic mobility.

Table Of Contents

  • Cover
  • Title
  • Copyright
  • About the author
  • About the book
  • This eBook can be cited
  • Contents
  • List of Figures
  • List of Tables
  • Acronyms
  • List of Symbols
  • 1. Introduction
  • 1.1. Basic definitions and scope
  • 1.2. Outline
  • 2. Relevant German economic literature - a bibliometric assessment
  • 2.1. Environmental economics and business literature: An impact analysis
  • 2.1.1. Methods
  • 2.1.2. Data
  • 2.1.3. Results
  • 2.1.4. Discussion of Section 2.1
  • 2.2. Detecting relevant literature for Cleantech applications
  • 2.2.1. Necessary adaption of the methodology
  • 2.2.2. Results
  • 2.2.3. Discussion of Section 2.2
  • 3. Sourcing risks and (financial) risk management options. The example of rare earth metals
  • 3.1. Rare earth metal market description
  • 3.2. Valuation principles for rare earth commodity derivatives
  • 3.2.1. Available data
  • 3.3. Stochastic price process models
  • 3.3.1. Parameter estimation
  • 3.3.2. Valuation via risk-neutral measures
  • 3.4. Excursus: Known closed-form solution for constant jump sizes
  • 3.5. Pricing and hedging rare earth metals: An incomplete market
  • 3.6. Discussion of Chapter 3
  • 4. E-mobility and capital market perception
  • 4.1. Background: Cooperation for E-mobility, main goals and motivation
  • 4.2. Data
  • 4.3. Method
  • 4.4. Results
  • 4.4.1. Event study results
  • 4.4.2. Determinants
  • 4.5. Discussion of chapter 4
  • 5. Conclusive remarks and outlook
  • A. Appendix of Chapter 1
  • A.1. Matlab script for basic bibliometric evaluation
  • B. Appendices of Chapter 2
  • B.1. Rare earth time series
  • B.2. Inhomogeneous intensity rates: Lanthanum example
  • B.3. Estimation results for jump size distributions.
  • Bibliography

← xii | xiii →List of Figures

1.1. EVs and PHEVs: Worldwide units sold and market shares from Q3 2012 to Q2 2013. Data from Bernhart et al. (2013).

1.2. Chapter overview. The dissertation consists of three main parts (chapter 2-4), an introduction (Chapter 1), and a synthesis in the form of conclusive remarks and an outlook (Chapter 5)

2.1. Concept of bibliometric co-citation and coupling in graph notation

2.2. Collaboration measures. The collaboration index (CI) is shown on the left, the collaboration coefficient (CC) on the right

2.3. Visualization of high impact environmental economics cocitation clusters with Coc ≥ 2. Identification of 75 documents in 16 clusters. Cluster numbers help to assign the network to Table 2.4

2.4. Visualization of environmental economics co-citation clusters with Coc = 1. Search sensitive identification of 637 documents in 77 clusters. The ten Cleantech related clusters are highlighted in numbers from 1-10 and correspond to Table 2.6

2.5. Close-up of the large-sized cluster with several research foci.

3.1. Path of Lanthanum metal FOB China min 99% a) spot prices and b) corresponding log-returns from January 2002 till November 2012

3.2. Quantile plot of Lanthanum metal log-returns. The left hand illustration shows the fitted t-location-scaled distribution with parameters µ, σ and ν. This can be compared to the more accurate non-parametric kernel-distribution on the right

3.3. Regime probabilities as a function of time depending from the jump distribution parameters θ and intensity parameters λ. Lanthanum Metal from Jan 2002 till November 2012 is considered

3.4. Binomial tree for jump process equation (3.1) as proposed by Cox and Ross (1976)← xiii | xiv →

← xiv | xv →List of Tables

2.1. Publications included. The data set completely covers the three journals with a focus on environmental economics (ZfU, ZfE, GAIA) from 1990-2012. Additionally, the set includes all relevant articles published in VHB-ranked and German journals with a ranking of D and higher

2.2. Author productivity list. The table lists the most productive authors ranked by publications weighted score. In addition, the (fractional) number of publications and citations (without self-citations) are provided. The last column shows the VHB-relevant publications found in the data set

2.3. Most cited documents. The list separates the results for each delineated journal. Ranking according to absolute citation counts w/o self-citations

2.4. Table of cluster. The table can be assigned to the network in Figure 2.3. The cluster number directly refers to numbering of the network. The cluster size describes the amount of documents of the respective cluster. The citation period covers the years when the cluster was cited. Column most central document refers to the most central article in terms of degrees. The last column contains content information

2.5. Sensitivity parameters. The choice of the cocitation mapping method and parameter settings heavily depend on the particular application. The settings may vary from very sensitive topic detection to the detection of the most influential publications of a research field

2.6. Results: Cleantech relevant clusters

3.1. Worldwide mine production and reserves in metric tonnes (REO), 2011 (USGS, 2012)


XXII, 112
ISBN (Softcover)
Publication date
2015 (June)
Seltene Erden Empirische Kapitalmarktforschung Rohstoffbewertung Elektromobilität Zitationsanalysen
Frankfurt am Main, Berlin, Bern, Bruxelles, New York, Oxford, Wien, 2015. XXII, 112 pp., 14 b/w ill., 11 graphs

Biographical notes

Christian Babl (Author)

Christian Stephan Babl studied Industrial Engineering at the Technical University of Darmstadt and worked as a research assistant at the Chair of Corporate Finance. Currently, he is employed by a global automotive supplier.


Title: E-Mobility and Related Clean Technologies from an Empirical Corporate Finance Perspective
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