Journal
RENEWABLE & SUSTAINABLE ENERGY REVIEWS
Volume 73, Issue -, Pages 512-520Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.rser.2017.01.158
Keywords
Alternative energy mutual fund; Renewables; Jensen's alpha; Downside risk
Funding
- Spanish Ministry of the Economy and Competitiveness [ECO2015-71251-R]
- European Regional Development Fund (ERDF/FEDER)
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We studied the financial performance of alternative energy mutual funds using multifactor models and propensity score matching techniques. For a sample of alternative energy mutual funds quoted in EUR and in USD for the period 2010-2016, we found that alternative energy funds underperformed corporate and socially responsible mutual funds in terms of returns and downside risk protection. Our results are consistent with the idea that investors are paying a premium for going green via renewable energies.
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