Stranded fossil fuel reserves and firm value

Abstract

NBER WORKING PAPER SERIES STRANDED FOSSIL FUEL RESERVES AND FIRM VALUE Christina Atanasova Eduardo S. Schwartz Working Paper 26497 http://www.nber.org/papers/w26497 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 November 2019 We thank the seminar participant at Simon Fraser University, Université Paris(cid:0)Dauphine, and Auckland University of Technology for helpful comments and suggestions. The authors would also like to thank Armin Kavian for his valuable research assistance and IBCA for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2019 by Christina Atanasova and Eduardo S. Schwartz. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Stranded Fossil Fuel Reserves and Firm Value Christina Atanasova and Eduardo S. Schwartz NBER Working Paper No. 26497 November 2019, Revised May 2020 JEL No. G12,Q3,Q5 ABSTRACT Do capital markets reflect the possibility that fossil fuel reserves may become “stranded assets” in the transition to a low carbon economy? We examine the relation between oil …

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