Photo Margaux Escoffier

Margaux Escoffier

Doctorant(e)
  • Email
  • Tél. professionnel 0140975963
  • Bureau à Paris Nanterre (Bât. + num.) G601
  • Research group

      Macroéconomie Internationale, Banque et Econométrie Financière

  • Theme(s)
    • Prix du pétrole
    • Transition énergétique
    • Stratégie climatique
    • Marchés financiers

2020-30 "How financial markets react to Total’s strategy of becoming a responsible energy major?"

Margaux Escoffier

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Abstract
This paper investigates the market reaction to the upstream oil and gas and climate strategy of Total SA. It aims at (i) analyzing whether the market welcomes Total's climate commitment and (ii) comparing investors' reaction to both categories of announcements. By using an event study, our results highlight that the market reacts negatively to both Total's upstream oil and gas and climate strategy. However, the market reacts more negatively to its climate strategy meaning that investors may consider that Total has to do better in terms of climate commitment to mitigate the risk of climate change.
Classification-JEL
G14; L25; Q54
Mot(s) clé(s)
Energy transition; climate strategy; financial markets; event study; oil and gas companies; Total SA
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2019-28 "Determinants of investments in solar photovoltaic: Do oil prices really matter?"

Margaux Escoffier, Emmanuel Hache, Valérie Mignon, Anthony Paris

Show Download working paper (on EconPapers)

Abstract
This paper investigates the determinants of solar photovoltaic (PV) deployment in the electricity mix for a panel of OECD and BRICS countries from 1997 to 2016 by paying particular attention to the impact of oil market conditions. Relying on a nonlinear, regime-switching specification, we show that rising oil prices stimulate PV deployment only if their growth rate is important, above 6.7%. Although we find that various other determinants matter—with the influence of some of them depending on the situation on the oil market—public policies play a crucial role. In particular, our findings show that feed-in-tariffs should be encouraged to ensure a continuous fight against climate change, whatever the dynamics followed by oil prices.
Classification-JEL
Q4; Q42; C23; C24
Mot(s) clé(s)
Solar photovoltaic; Renewables deployment; Oil prices; Panel smooth transition regression
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