Do Markets Trump Politics? Evidence from Fossil Market Reactions to the Paris Agreement and the U.S. Election

	Mukanjari, Samson
	Sterner, Thomas
	Dept. of Economics, University of Gothenburg	sv
	2018-03-14T13:04:20Z
	2018-03-14T13:04:20Z
	2018-03
	JEL: G14, Q40, Q54	sv
	The Paris Agreement was acclaimed as a milestone for climate negotiations. It has also been criticized – as too soft by environmentalists and too constraining by the current U.S. administration, which has decided to leave. The election of President Trump was itself widely interpreted as unexpected, good news for the fossil industry (and less good for the climate). We seek to evaluate the impact of global climate policy making by studying its effect on the stock market value of energy sector firms. In particular, we study the signing of the Paris Agreement and the latest U.S. presidential election. Using event study and impulse indicator saturation methods, we show that both events had only moderate effects.	sv
	53	sv
	1403-2465
	http://hdl.handle.net/2077/55957
	eng	sv
	Working Papers in Economics	sv
	728	sv
	Climate change	sv
	election	sv
	event study	sv
	impulse indicator saturation	sv
	Paris climate agreement	sv
	Trump	sv
	Do Markets Trump Politics? Evidence from Fossil Market Reactions to the Paris Agreement and the U.S. Election	sv
	Text	sv
	report	sv

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