Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Climate Finance and Clean-Tech Investment Location: B128 Session Chair: Jan-Niklas Meier, Leipzig University | |
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The political economy of asset ownership: Evidence from the global power sector Humboldt University Berlin, Germany In this paper, we investigate how political shocks affect asset ownership in the global power sector. Therefore, we gather a unique dataset on 2 million global power plant-year observations including ownership information over time. In a difference-in-differences setting on the power plant level, we leverage the highly surprising first presidential election of Donald Trump as a quasi-exogenous change of the political orientation in the U.S. We find that foreign investors are more likely to sell brown US power plants to home-investors compared to a control group of global power plants. The effect is sizeable: the likelihood of this asset transaction increases by more than 8 percentage point for a given power plant, relative to the control group. Conversely, home investors buy less green US power plants after the election shock, while foreign investors from liberal countries increase green power plant purchases. We explain our results by the interplay between the political distance of different investor groups to the new US ideology, as well as the transition risk of the power plants. | |