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X-WR-CALNAME;VALUE=TEXT:TSE
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DTSTART:20251026T030000
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UID:calendar.137949.field_date.0@www.tse-fr.eu
DTSTAMP:20260908T003603Z
CREATED:20250902T081001Z
DESCRIPTION:Marcin Kacperczyk\, “Infrastructure Capacity\, Risk\, and Firm 
 Value: Evidence from U.S. Electricity Tightness”\, Finance Seminar\, TSE -
  TSM-R\, Toulouse\, November 17\, 2025\, 11:00–12:30\, room Auditorium 3.
 \n\nReal-time bottlenecks in non-storable infrastructure—most visibly elec
 tricity—can throttle modern production. We embed proportional rationing of
  grid supply into multi-sector economy\, showing that unexpected scarcity 
 cuts output\, employment\, and consumption\, while the prospect of future 
 capacity expansions mitigates those losses. To test the model’s prediction
 s\, we measure\nU.S. public firms’ exposure to realized electric capacity 
 constraints and future expected capacity tightness. We confirm the model’s
  predictions using panel regressions with fixed effects and establish caus
 ality by exploiting two quasi-natural experiments: the 2021 Texas blackout
  (a 34 GW supply shock) and subsequent state reforms that raised future ex
 pected capacity. Difference-in-differences estimates indicate a drop in sh
 ort-term profitability and firm value in affected firms. Higher future ant
 icipated capacity leads to higher longer-term employment\, capital\, and f
 irm value. Investors demand higher expected returns for firms with greater
  exposure to electric capacity constraints\, confirming that infrastructur
 e tightness\, either due to excess demand or limited supply\, is a priced\
 , macro-critical risk.
DTSTART;TZID=Europe/Paris:20251117T110000
DTEND;TZID=Europe/Paris:20251117T123000
LAST-MODIFIED:20260723T001001Z
LOCATION:Toulouse\, November 17\, 2025\, 11:00–12:30\, room Auditorium 3
SUMMARY:Finance Seminar\, TSE - TSM-R
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2025-infrastructure-capacity-ri
 sk-and-firm-value-evidence-us-electricity-tightness
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