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Financing Corporate Growth in the Renewable Energy Industry


Christoph Ettenhuber

Financing constraints have been central to the political and economic debate about renewable energy development. This book addresses four related corporate finance questions. The first chapter reviews theoretical considerations and empirical evidence on so-called funding gaps. Chapters two and three analyze the genuine structures of equity and convertible debt offerings in the industry. The final part investigates to what extent business combinations are perceived as a valuable means to company growth. The analysis contains a variety of empirical findings that are novel to existing emerging industry and corporate finance research. It shows that many investors perceive the level of asymmetric information and regulatory risk, as well as the industry’s structure, to be detrimental to renewable energy finance.


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and Photo Design: © Olaf Gloeckler, Atelier Platen, Friedberg Library of Congress Cataloging-in-Publication Data Ettenhuber, Christoph, 1979- Financing corporate growth in the renewable energy industry / Christoph Ettenhuber. pages cm. — (Finanzmärkte und Klimawandel, ISSN 2190- 3069 ; Band 2) ISBN 978-3-631-64420-1 1. Energy industries—Finance. 2. Renewable energy sources. 3. Energy resources development. I. Title. HD9502.A2E87 2013 333.79'40681—dc23 2013012138 D 17 ISSN 2190-3069 ISBN 978-3-631-64420-1 (Print) E-ISBN 978-3-653-03018-1 (E-Book) DOI 10.3726/978-3-653-03018-1 © Peter Lang GmbH Internationaler Verlag der Wissenschaften Frankfurt am Main 2013 All rights reserved. PL Academic Research is an Imprint of Peter Lang GmbH. Peter Lang – Frankfurt am Main · Bern · Bruxelles · New York · Oxford · Warszawa · Wien All parts of this publication are protected by copyright. Any utilisation outside the strict limits of the copyright law, without the permission of the publisher, is forbidden and liable to prosecution. This applies in particular to reproductions, translations, microfilming, and storage and processing in electronic retrieval systems.

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