Journal of Energy Finance & Development最新文献

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How Do Firms Finance Non-Primary Market Investments? Evidence from REITs 企业如何为非一级市场投资融资?来自REITs的证据
Journal of Energy Finance & Development Pub Date : 2016-11-15 DOI: 10.2139/ssrn.2870975
James N. Conklin, Moussa Diop, Mingming Qiu
{"title":"How Do Firms Finance Non-Primary Market Investments? Evidence from REITs","authors":"James N. Conklin, Moussa Diop, Mingming Qiu","doi":"10.2139/ssrn.2870975","DOIUrl":"https://doi.org/10.2139/ssrn.2870975","url":null,"abstract":"This study explores the impact of investment characteristics, mainly investment location relative to the firm's primary market, on financing choices by real estate investment trusts (REITs). Using a large sample of commercial property acquisitions, we show that REITs are 4–8% less likely to use secured (mortgage) debt when acquiring properties in their primary markets than elsewhere. The documented evidence supports a demand†side story for the relation between investment characteristics and financing. Moreover, the evidence is consistent with the hypothesis that REITs avoid mortgage financing in their primary markets to preserve operational flexibility in those markets.","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"206 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77055127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Engaging Private Sector in Climate Finance: The Role of the Private Sector Facility of the Green Climate Fund 私营部门参与气候融资:绿色气候基金私营部门基金的作用
Journal of Energy Finance & Development Pub Date : 2015-09-04 DOI: 10.2139/SSRN.2656227
Paloma Szerman
{"title":"Engaging Private Sector in Climate Finance: The Role of the Private Sector Facility of the Green Climate Fund","authors":"Paloma Szerman","doi":"10.2139/SSRN.2656227","DOIUrl":"https://doi.org/10.2139/SSRN.2656227","url":null,"abstract":"There are many uncertainties regarding the actual risks posed by climate change. But, what is certain, is that it will affect both developed and developing countries, and is one of the biggest challenges faced by our society in the next decades. Addressing them requires high levels of financial support and innovative financial mechanisms, specially considering that there is no one source that can deliver the necessary funds to address such risks individually. Thus, when figuring the scientific alternatives on how to by-pass the risks and threats posed by climate change, they must be complemented with an analysis on how to finance them. This paper centers on how to facilitate private sector investment in climate finance, and the particular expectations the establishment of the Green Climate Fund’s Private Sector Facility has raised to that effect. The thesis leading this research is that the Private Sector Facility has a huge potential as a leading actor in helping to overcome private climate investment risks and barriers if it focuses its efforts in strengthening technology development and capacity building in local actors and markets, such as micro-, small- and medium-sized enterprises. To that effect, in Section II, a background on climate finance and the Green Climate Fund is provided. Then, in Section III, the involvement and necessity of leveraging private investment in climate finance is explained. And lastly, the main objectives and challenges of the Green Climate Fund’s Private Sector Facility are analyzed.","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76215927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Revenue Management for Intermodal Transportation: The Role of Dynamic Forecasting 多式联运收入管理:动态预测的作用
Journal of Energy Finance & Development Pub Date : 2015-07-29 DOI: 10.2139/ssrn.2637708
Ting Luo, Long Gao, Yalçın Akçay
{"title":"Revenue Management for Intermodal Transportation: The Role of Dynamic Forecasting","authors":"Ting Luo, Long Gao, Yalçın Akçay","doi":"10.2139/ssrn.2637708","DOIUrl":"https://doi.org/10.2139/ssrn.2637708","url":null,"abstract":"We study a joint capacity leasing and demand acceptance problem in intermodal transportation. The model features multiple sources of evolving supply and demand, and endogenizes the interplay of three levers --- forecasting, leasing, and demand acceptance. We characterize the optimal policy, and show how dynamic forecasting coordinates leasing and acceptance. We find (1) the value of dynamic forecasting depends critically on scarcity, stochasticity, and volatility; (2) traditional mean-value equivalence approach performs poorly in volatile intermodal context; (3) mean-value based forecast may outperform stationary-distribution based forecast. Our work enriches revenue management models and applications. It advances our understanding on when and how to use dynamic forecasting in intermodal revenue management.","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82321813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Urban Public Transportation System Changes, in Post Communist Period in Iasi Municipality 后共产主义时期雅西市城市公共交通系统的变迁
Journal of Energy Finance & Development Pub Date : 2015-06-20 DOI: 10.5593/SGEM2015/B62/S27.080
A. Ursu, Raluca Burtila, Vlad Minea, Andrei Marius, Pavel Ichim
{"title":"Urban Public Transportation System Changes, in Post Communist Period in Iasi Municipality","authors":"A. Ursu, Raluca Burtila, Vlad Minea, Andrei Marius, Pavel Ichim","doi":"10.5593/SGEM2015/B62/S27.080","DOIUrl":"https://doi.org/10.5593/SGEM2015/B62/S27.080","url":null,"abstract":"Urban public transportation system changes, in post-communist period in Iasi municipality. During the transition period, from the communist era to the market economy, the Romanian cities suffered important mutations such as deindustrialization, urban sprawl, changes in functional areas, the increase in cars number, etc. These changes required a quick adaptation of the urban public transportation system. This paper tries to reveal if these changes happened in the proper manner, taking into consideration the fact that Iasi city is one of the most polluted in the country. In the communist era, the city of Iasi has experienced a great development, becoming an important industrial, educational and medical center. The transportation system is the effect of the historical context of overall urban development of the city of Iasi. From the public transport point of view, adaptation to external transformations in the post-communist era is difficult, because suburbanization is not sustained by the development of an adequate transport infrastructure, which means for the home owners higher transportation costs and a higher motorization degree. The lack of public transport routes from these areas leads to higher traffic values in the city which remains the main polarization center of the region. Nowadays there is a series of major deficiencies in the level of polarization of the transport network in the urban space. Adapting supply to demand transport consists of qualitative restructuring of public transport.","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89457442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Assessing the Energy-Efficiency Gap 评估能源效率差距
Journal of Energy Finance & Development Pub Date : 2015-01-01 DOI: 10.2139/ssrn.2554735
Todd D. Gerarden, R. Newell, Robert Stavins
{"title":"Assessing the Energy-Efficiency Gap","authors":"Todd D. Gerarden, R. Newell, Robert Stavins","doi":"10.2139/ssrn.2554735","DOIUrl":"https://doi.org/10.2139/ssrn.2554735","url":null,"abstract":"Energy-efficient technologies offer considerable promise for reducing the financial costs and environmental damages associated with energy use, but these technologies appear not to be adopted by consumers and businesses to the degree that would apparently be justified, even on a purely financial basis. We present two complementary frameworks for understanding this so-called “energy paradox” or “energy-efficiency gap.” First, we build on the previous literature by dividing potential explanations for the energy-efficiency gap into three categories: market failures, behavioral anomalies, and model and measurement errors. Second, we posit that it is useful to think in terms of the fundamental elements of cost-minimizing energy-efficiency decisions. This provides a decomposition that organizes thinking around four questions. First, are product offerings and pricing economically efficient? Second, are energy operating costs inefficiently priced and/or understood? Third, are product choices cost-minimizing in present value terms? Fourth, do other costs inhibit more energy-efficient decisions? We review empirical evidence on these questions, with an emphasis on recent advances, and offer suggestions for future research.","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79278768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 339
Diversification of Energy Supply: Prospects for Emerging Energy Sources 能源供应多元化:新兴能源的前景
Journal of Energy Finance & Development Pub Date : 2014-08-01 DOI: 10.2139/ssrn.2479751
Michael Ross
{"title":"Diversification of Energy Supply: Prospects for Emerging Energy Sources","authors":"Michael Ross","doi":"10.2139/ssrn.2479751","DOIUrl":"https://doi.org/10.2139/ssrn.2479751","url":null,"abstract":"Asia’s burgeoning energy demand has stimulated interest in photovoltaics, wind power, and unconventional gas (shale gas, tight gas, coal-bed methane, and coal-mine methane). For each of these, the resource, current status, future prospects, environmental implications, investment and infrastructure requirements, and risks are examined. Shale gas has revolutionized North American gas supply, but may develop slowly in Asia due to challenging geological conditions, lack of geological data, dense populations, and pipeline and service industry limitations. In the People’s Republic of China (PRC), with technically recoverable resources estimated at 20 gigatons of oil equivalent (20% of the world total), significant production may start around 2017–2020, followed 5 years later by India and possibly Pakistan, which have much smaller resources. Even by 2035, unconventional gas is unlikely to supply more than 4%–8% of primary energy in the PRC, India, and Indonesia. Environmental concerns include methane emissions during combustion and production, water and land requirements, and water contamination. The solar resource is excellent across developing Asia; the wind resource is strong in Afghanistan, the PRC, Kazakhstan, Mongolia, and Viet Nam. Levelized costs of electricity are higher for wind and photovoltaics than for domestic gas and coal, and low-cost hydro and nuclear, although by 2020 to 2030 the renewables will beat imported gas and coal, and higher-cost nuclear and hydro. To supply around 10% of developing Asia’s electricity in 2035, an investment of $900 billion would be required for wind and $1.4 trillion for photovoltaics, excluding infrastructure upgrades. The PRC and India are already world leaders in wind and photovoltaics.","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2014-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73262476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Neighbors, Knowledge, and Nuggets: Two Natural Field Experiments on the Role of Incentives on Energy Conservation 邻居、知识和掘金:关于节能激励作用的两个自然现场实验
Journal of Energy Finance & Development Pub Date : 2013-05-31 DOI: 10.2139/ssrn.2589269
P. Dolan, R. Metcalfe
{"title":"Neighbors, Knowledge, and Nuggets: Two Natural Field Experiments on the Role of Incentives on Energy Conservation","authors":"P. Dolan, R. Metcalfe","doi":"10.2139/ssrn.2589269","DOIUrl":"https://doi.org/10.2139/ssrn.2589269","url":null,"abstract":"There is increasing research on the exogenous impact of descriptive social norms on economic behavior. The research to date has a number of limitations: 1) it has not de-coupled the impact of the norm and the knowledge required to understand how to change behavior based upon it; 2) it has exclusively used offline but not online (i.e. emails) methods; and 3) it has not understood the impact of financial incentives in conjunction with norms. We address these three limitations using two natural field experiments. We find, firstly, that norms change energy behavior over a 15 month treatment period irrespective of whether information is provided or not. We find that social norms reduce consumption by around 6% (0.2 standard deviations). Norms have has their largest impact on the day that information on the social norm is received, and then decreases over time. Secondly, we do not find that social norms work online (even with experienced consumers who are used to online billing) - social norms de- livered online may have very little beneficial effects on reducing energy use. Thirdly, we find that large financial rewards work very well online in reducing consumption, with a 0.35 change in energy consumption over a four month period. Perhaps most interestingly, we find that the large effect of financial incentives is completely removed when information on social norms is added online.","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"45 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2013-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81448402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 132
International Climate Finance and its Influence on Fairness and Policy 国际气候融资及其对公平和政策的影响
Journal of Energy Finance & Development Pub Date : 2011-06-25 DOI: 10.1111/twec.12029
D. Rübbelke
{"title":"International Climate Finance and its Influence on Fairness and Policy","authors":"D. Rübbelke","doi":"10.1111/twec.12029","DOIUrl":"https://doi.org/10.1111/twec.12029","url":null,"abstract":"Besides costs and benefits, fairness aspects tend to influence negotiating partiesAƒÂ¢A‚€A‚â„¢ willingness to join an international agreement on climate change mitigation. Fairness is largely considered to improve the prospects of success of international negotiations and hence measures raising fairness perception might AƒÂ¢A‚€A‚“ in turn AƒÂ¢A‚€A‚“ help to bring about effective cooperative international climate change mitigation. We consider the influences present international support of climate policy in developing countries exerts on fairness perception and how this again might affect international negotiations. In doing so, we distinguish between fairness perception which is based on historical experiences and perception which is based on conjectures about opponentsAƒÂ¢A‚€A‚â„¢ intentions. By identifying beneficial components of current support schemes, lessons can be learnt for designing new schemes like the Green Climate Fund.","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2011-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80976613","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 47
How does OPEC allocate quotas? 欧佩克如何分配配额?
Journal of Energy Finance & Development Pub Date : 1999-09-01 DOI: 10.1016/S1085-7443(99)00007-1
John Gault , Charles Spierer , Jean-Luc Bertholet , Bahman Karbassioun (Independent Consultant)
{"title":"How does OPEC allocate quotas?","authors":"John Gault ,&nbsp;Charles Spierer ,&nbsp;Jean-Luc Bertholet ,&nbsp;Bahman Karbassioun (Independent Consultant)","doi":"10.1016/S1085-7443(99)00007-1","DOIUrl":"10.1016/S1085-7443(99)00007-1","url":null,"abstract":"<div><p>Since 1982, members of the Organization of Petroleum Exporting Countries (OPEC) have frequently agreed upon an overall oil production ceiling and individual production quotas. Nonetheless, OPEC has never adopted a published, explicit formula for allocating those quotas. While quotas were seemingly allocated on an ad hoc basis, it is discernible that taken together, the allocations display remarkable consistency. This article attempts to demystify this question by modeling and testing OPEC's quota allocation behavior. While all the proposed models appear to be supported by the results, the authors prefer the simplest formulations.</p></div>","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"4 2","pages":"Pages 137-148"},"PeriodicalIF":0.0,"publicationDate":"1999-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1085-7443(99)00007-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75825404","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 31
Disclosure of reserves in the annual reports of Australian mining and petroleum firms 在澳大利亚矿业和石油公司的年度报告中披露储量
Journal of Energy Finance & Development Pub Date : 1999-09-01 DOI: 10.1016/S1085-7443(99)00010-1
Malik Mirza
{"title":"Disclosure of reserves in the annual reports of Australian mining and petroleum firms","authors":"Malik Mirza","doi":"10.1016/S1085-7443(99)00010-1","DOIUrl":"10.1016/S1085-7443(99)00010-1","url":null,"abstract":"<div><p>This article investigates why some firms in the extractive industries disclose mineral reserves in their annual reports and others do not. It uses an efficient contracting framework to propose that the firm's disclosure policies are likely to be driven by the constraints of contracts with claimants. Managers adopt the policies that minimize the cost of contracting with claimants. <em>A firm's decision to disclose reserves in the annual report is likely to depend on its asset structure, debt financing, and the firm's monitoring process. The determinants of reserve disclosure are hypothesized to be the stage of the firm's growth, use of project financing, and the use of a quality auditor. Empirical tests indicate that, for the sample firms, the stage of growth and project financing are significant. Further, large firms are more likely to disclose reserves compared to their smaller counterparts</em>.</p></div>","PeriodicalId":100779,"journal":{"name":"Journal of Energy Finance & Development","volume":"4 2","pages":"Pages 219-238"},"PeriodicalIF":0.0,"publicationDate":"1999-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S1085-7443(99)00010-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75563794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
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