Investing in the batteries and vehicles of the future: A view through the stock market

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-01-25 DOI:10.1016/j.eneco.2025.108216

Michael Plante

引用次数: 0

Abstract

A large number of companies operating in the EV and battery supply chain have listed on a U.S. stock exchange in recent years. I compile a unique data set of high-frequency stock returns for those companies and investigate the extent to which an “industry” factor specific to the EV and battery supply chain (an “EV” factor) can explain their returns. Those returns are decomposed into systematic and idiosyncratic components, with the former given by a set of latent factors extracted from a large panel of stock returns using high-frequency principal components. It is found that a market factor and a factor associated with tech stocks have good explanatory power for the stocks of interest. I identify an “EV” factor as the first principal component of the idiosyncratic returns and find it has relatively good explanatory power for EV and battery stocks, often exceeding that of the tech factor. There is also evidence for a lithium factor that plays an important role in the returns of lithium companies.

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投资未来的电池和汽车：通过股市的观点

近年来，大量从事电动汽车和电池供应链的公司在美国证券交易所上市。我为这些公司编制了一套独特的高频股票回报数据集，并调查了电动汽车和电池供应链特有的“行业”因素（“EV”因素）在多大程度上可以解释它们的回报。这些回报被分解为系统成分和特质成分，前者由一组潜在因素给出，这些潜在因素是从使用高频主成分的大型股票回报面板中提取出来的。研究发现，市场因素和与科技股相关的因素对感兴趣的股票具有良好的解释力。我将“电动汽车”因素确定为特殊回报的第一个主成分，并发现它对电动汽车和电池股具有相对较好的解释力，通常超过技术因素。还有证据表明，锂元素在锂公司的回报中起着重要作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.