Natural gas has replaced coal as the dominant fuel for US electricity generation. However,
US states that regulate electric utilities have retired coal more slowly than others. We build a …

Using rich data on hourly physical productivity and thousands of ownership changes from
US power plants, we study the effects of acquisitions on efficiency and underlying …

Uncertainty over government policy affects important and irreversible decisions, including
firm technology adoption, entry, and exit. The real options literature has found that higher …