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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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I would like to take the opportunity to thank some of the institutions, teachers, colleagues and friends who have guided and supported this project. I am espe- cially grateful to the German Ministry of Education and Research (BMBF) for funding this analysis, which forms part of a wider research project on climate change, financial markets and innovation (CFI). I would like to thank Dirk Schiereck for his encouragement, constructive feed- back and helpful guidance throughout the last three years. I marvel at his ability to multi-task and maintain an open-door policy in the face of a heavy teaching and research schedule. He introduced me to finance and raised my interest in empirical topics during a seminar on Behavioral Finance at the European Busi- ness School. I am also indebted to Mark Mietzner, who provided critical orienta- tion in the first months of the project. I've benefited greatly from discussions with colleagues in the Department of Corporate Finance at Darmstadt. I enjoyed the great atmosphere among post- graduate students to which Anit Deb, Christian Babl, Christian Happ, Daniel Maul, Malte Raudszus, Robert Fraunhoffer and Steffen Meinshausen strongly contributed. Christian Babl and Julian Trillig demonstrated remarkable patience during my early (and sometimes challenging) encounters with econometric software. Both were also kind enough to read and comment on particular chap- ters in draft. To this end I am also indebted to Jocelyn Evans, who kindly com- mented on the M&A chapter during the 2011 conference of the Academy of Economics and Finance...

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