Main factors influencing the market valuation of alternative energy companies in Europe: the effect of announcement of green policies

In the beginning of this century, the world society faced a completely new challenge of ecological sustainability questioning and climate change which made a start on the emergence of renewable energies industry. From the investors’ point of view, it was interesting to have a look on this emerging market and try to understand its evolution and development patterns. In this way, the first objective of this work was, based on existing academic literature, to give an overview of factors that by the past had an influence on stock exchange price movements of companies active in renewable energy sector. Among the identified factors were oil price moves, technology indexes evolution, changing investment behaviours, growing awareness of energy consumers, legal interventions and other unpredictable causes as nuclear catastrophes. The second objective and the empirical core of this work consisted in seeing weather the announcement of a governmental intervention as a potential influencing factor had a significant impact on market prices of this industry. This study analyses the impact of 2016 Proposal for a directive to promote renewable energy sources on the European stock market of green energy companies. The study uses a sample of 26 companies to analyse 15 event dates with help of an event study methodology adapted to a regulatory change proposed by Lamdin (2001). The main findings are that no significant abnormal returns directly related to this regulatory change were observed.Master [120] en sciences de gestion, Université catholique de Louvain, 201

Kozachyi Yar 1: An enclosed Trypillian settlement on the Southern Bug River in Kozavchyn (Ukraine)

In Kozavchyn on the Southern Bug, an Early Copper Age settlement surrounded by trenches was explored by means of field surveys and magnetic prospection. In addition to the enclosing trenches, the magnetogram revealed a palisade trench and remains of pits and burnt houses, which covered a contiguous area with archaeological findings of almost 4 ha situated on a spur with the field name "Kozachyi Yar". The settlement belongs to the Trypillia BI local group Sabatynivka, as does the nearby site Kamyane, "Kamyane-Zavallia 1", also surrounded by ditches, which was investigated a few years ago and dated to the last third of the 5th millennium BC. The Sabatynivka group is documented in a narrowly confined area on both sides of the Southern Bug River and may have once been a jointly acting political entity. Internal conflicts or external threats from the steppe area to the east are often considered as reasons for the enclosure of CTCC settlements. It seems conceivable, however, that the apparently once much more numerous enclosures had less of a protective than merely a delimiting character