Publicação
2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms
| Resumo: | This study examines the short-term market effect of Donald Trump' victory in the 2024 US presidential election on largest US and non-US listed worldwide fuel fossil and renewable firms. Employing an event study methodology, we observe a negative and statistically significant stock price reaction for worldwide renewable listed firms. An analysis by economic zones reveals the existence of negative abnormal returns for renewable energy firms in the US, Europe, India and in the rest of the world. In the case of China, abnormal returns are not statistically significant. With respect to worldwide fossil fuel listed firms, abnormal returns are generally not statistically significant. However, regarding US firms, we observe positive and statistically significant abnormal returns. These abnormal returns are explained by the change of US energy policy (pro-oil and gas policy) and the expected cut in subsidies and lower profitability of investments in green energies. Finally, our study provide insight into which firm-specific characteristics emerge as value drives around US presidential elections. The results show that despite the change in environmental policy in the US, favourable to fossil energy, the stock markets reward firms with high environmental ratings. Overall, our results indicate that 2024 US presidential election, for implying a change in US energy policy, has relevant policy implications for energy listed firms. |
|---|---|
| Autores principais: | Martins, António Miguel |
| Outros Autores: | Albuquerque, Bruno; Sardinha, Luís; Moutinho, Nuno |
| Assunto: | Abnormal returns US elections Energy Donald Trump Event study |
| Ano: | 2025 |
| País: | Portugal |
| Tipo de documento: | artigo |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Instituto Politécnico de Bragança |
| Idioma: | inglês |
| Origem: | Biblioteca Digital do IPB |
| _version_ | 1867173416402944000 |
|---|---|
| author | Martins, António Miguel |
| author2 | Albuquerque, Bruno Sardinha, Luís Moutinho, Nuno |
| author2_role | author author author |
| author_facet | Martins, António Miguel Albuquerque, Bruno Sardinha, Luís Moutinho, Nuno |
| author_role | author |
| contributor_name_str_mv | Biblioteca Digital do IPB |
| country_str | PT |
| creators_json_txt | [{\"Person.name\":\"Martins, António Miguel\"},{\"Person.name\":\"Albuquerque, Bruno\"},{\"Person.name\":\"Sardinha, Luís\"},{\"Person.name\":\"Moutinho, Nuno\",\"Person.identifier.orcid\":\"0000-0002-1792-4811\"}] |
| datacite.contributors.contributor.contributorName.fl_str_mv | Biblioteca Digital do IPB |
| datacite.creators.creator.creatorName.fl_str_mv | Martins, António Miguel Albuquerque, Bruno Sardinha, Luís Moutinho, Nuno |
| datacite.date.Accepted.fl_str_mv | 2025-01-01T00:00:00Z |
| datacite.date.available.fl_str_mv | 2026-02-27T17:43:28Z |
| datacite.date.embargoed.fl_str_mv | 2026-02-27T17:43:28Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| datacite.subjects.subject.fl_str_mv | Abnormal returns US elections Energy Donald Trump Event study |
| datacite.titles.title.fl_str_mv | 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms |
| dc.contributor.none.fl_str_mv | Biblioteca Digital do IPB |
| dc.creator.none.fl_str_mv | Martins, António Miguel Albuquerque, Bruno Sardinha, Luís Moutinho, Nuno |
| dc.date.Accepted.fl_str_mv | 2025-01-01T00:00:00Z |
| dc.date.available.fl_str_mv | 2026-02-27T17:43:28Z |
| dc.date.embargoed.fl_str_mv | 2026-02-27T17:43:28Z |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | http://hdl.handle.net/10198/35897 |
| dc.language.none.fl_str_mv | eng |
| dc.publisher.none.fl_str_mv | Elsevier |
| dc.rights.cclincense.fl_str_mv | http://creativecommons.org/licenses/by/4.0/ |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| dc.subject.none.fl_str_mv | Abnormal returns US elections Energy Donald Trump Event study |
| dc.title.fl_str_mv | 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_6501 |
| description | This study examines the short-term market effect of Donald Trump' victory in the 2024 US presidential election on largest US and non-US listed worldwide fuel fossil and renewable firms. Employing an event study methodology, we observe a negative and statistically significant stock price reaction for worldwide renewable listed firms. An analysis by economic zones reveals the existence of negative abnormal returns for renewable energy firms in the US, Europe, India and in the rest of the world. In the case of China, abnormal returns are not statistically significant. With respect to worldwide fossil fuel listed firms, abnormal returns are generally not statistically significant. However, regarding US firms, we observe positive and statistically significant abnormal returns. These abnormal returns are explained by the change of US energy policy (pro-oil and gas policy) and the expected cut in subsidies and lower profitability of investments in green energies. Finally, our study provide insight into which firm-specific characteristics emerge as value drives around US presidential elections. The results show that despite the change in environmental policy in the US, favourable to fossil energy, the stock markets reward firms with high environmental ratings. Overall, our results indicate that 2024 US presidential election, for implying a change in US energy policy, has relevant policy implications for energy listed firms. |
| dirty | 0 |
| eu_rights_str_mv | openAccess |
| format | article |
| fulltext.url.fl_str_mv | https://bibliotecadigital.ipb.pt/bitstreams/5bd5ac31-6cba-4c87-a3ad-6502f0094452/download |
| funding.funder.alternateName_str_mv | FCT FCT FCT |
| funding.funder.identifier_str_mv | http://doi.org/10.13039/501100001871 http://doi.org/10.13039/501100001871 http://doi.org/10.13039/501100001871 |
| funding.funder.name_str_mv | Fundação para a Ciência e a Tecnologia Fundação para a Ciência e a Tecnologia Fundação para a Ciência e a Tecnologia |
| funding.name_str_mv | 6817 - DCRRNI ID 6817 - DCRRNI ID 6817 - DCRRNI ID |
| id | ipb_42d07143b4bbcdeebf0bb4d1828b9bd5 |
| identifier.url.fl_str_mv | http://hdl.handle.net/10198/35897 |
| instacron_str | ipb |
| institution | Instituto Politécnico de Bragança |
| instname_str | Instituto Politécnico de Bragança |
| language | eng |
| network_acronym_str | ipb |
| network_name_str | Biblioteca Digital do IPB |
| oai_identifier_str | oai:bibliotecadigital.ipb.pt:10198/35897 |
| organization_str_mv | urn:organizationAcronym:ipb |
| person_str_mv | Martins, António Miguel Albuquerque, Bruno Sardinha, Luís Moutinho, Nuno Moutinho, Nuno http://orcid.org/0000-0002-1792-4811 0000-0002-1792-4811 |
| publishDate | 2025 |
| publisher.none.fl_str_mv | Elsevier |
| reponame_str | Biblioteca Digital do IPB |
| repository_id_str | urn:repositoryAcronym:ipb |
| service_str_mv | urn:repositoryAcronym:ipb |
| spelling | engElsevierengThis study examines the short-term market effect of Donald Trump' victory in the 2024 US presidential election on largest US and non-US listed worldwide fuel fossil and renewable firms. Employing an event study methodology, we observe a negative and statistically significant stock price reaction for worldwide renewable listed firms. An analysis by economic zones reveals the existence of negative abnormal returns for renewable energy firms in the US, Europe, India and in the rest of the world. In the case of China, abnormal returns are not statistically significant. With respect to worldwide fossil fuel listed firms, abnormal returns are generally not statistically significant. However, regarding US firms, we observe positive and statistically significant abnormal returns. These abnormal returns are explained by the change of US energy policy (pro-oil and gas policy) and the expected cut in subsidies and lower profitability of investments in green energies. Finally, our study provide insight into which firm-specific characteristics emerge as value drives around US presidential elections. The results show that despite the change in environmental policy in the US, favourable to fossil energy, the stock markets reward firms with high environmental ratings. Overall, our results indicate that 2024 US presidential election, for implying a change in US energy policy, has relevant policy implications for energy listed firms.application/pdfeng2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firmsMartins, António MiguelAlbuquerque, BrunoSardinha, LuísPersonalMoutinho, NunoDSpacehttp://dspace.org/items/4bee9f30-a86d-487a-80b6-5e8eccd0d343DSpacehttp://dspace.org/items/4bee9f30-a86d-487a-80b6-5e8eccd0d343MoutinhoNunoORCIDhttp://orcid.org0000-0002-1792-4811HostingInstitutionOrganizationalBiblioteca Digital do IPBe-mailmailto:dspace@ipb.ptdspace@ipb.ptISSNIsPartOf1057-5219DOIIsPartOf10.1016/j.irfa.2025.1044302026-02-27T17:43:28Z20252025-01-01T00:00:00ZHandlehttp://hdl.handle.net/10198/35897http://purl.org/coar/access_right/c_abf2open accessAbnormal returnsUS electionsEnergyDonald TrumpEvent study1028399 bytesFundação para a Ciência e a TecnologiaCenter of Applied Economic Studies of the Atlantic6817 - DCRRNI IDCrossref Funder IDhttp://doi.org/10.13039/501100001871Fundação para a Ciência e a TecnologiaApplied Management Research Unit6817 - DCRRNI IDCrossref Funder IDhttp://doi.org/10.13039/501100001871Fundação para a Ciência e a TecnologiaApplied Management Research Unit6817 - DCRRNI IDCrossref Funder IDhttp://doi.org/10.13039/501100001871literaturehttp://purl.org/coar/resource_type/c_6501journal article2025http://creativecommons.org/licenses/by/4.0/http://purl.org/coar/access_right/c_abf2application/pdffulltexthttps://bibliotecadigital.ipb.pt/bitstreams/5bd5ac31-6cba-4c87-a3ad-6502f0094452/downloadInternational Review of Financial Analysis105112 |
| spellingShingle | 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms Martins, António Miguel Abnormal returns US elections Energy Donald Trump Event study |
| status | SINGLETON |
| subject.fl_str_mv | Abnormal returns US elections Energy Donald Trump Event study |
| title | 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms |
| title_full | 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms |
| title_fullStr | 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms |
| title_full_unstemmed | 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms |
| title_short | 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms |
| title_sort | 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms |
| topic | Abnormal returns US elections Energy Donald Trump Event study |
| topic_facet | Abnormal returns US elections Energy Donald Trump Event study |
| url | http://hdl.handle.net/10198/35897 |
| visible | 1 |