2: This figure presents the cumulative returns of the three stock market risk factors: the size, value and momentum premia. The black line represents local stock market risk factors specific to energy utilities, including , and . The grey line represents global stock market risk factors for European stocks generally, including , and .
2: This figure presents the cumulative returns of the three stock market risk factors: the size, value and momentum premia. The black line represents local stock market risk factors specific to energy utilities, including , and . The grey line represents global stock market risk factors for European stocks generally, including , and .
Modelling-sector-level-asset-pricing-MANUSCRIPT-with-edits.docx