High oil prices are normally expected to stimulate exploration and the development of new oil and gas fields. But over the last few years, financial analysts have focused strongly on short-term accounting return (RoACE) for benchmarking and valuation, and this has led to high capital discipline...

Etter 10 år med kraftig vekst tyder mykje på at aktiviteten i petroleumsnæringa no er i ferd med å flate ut. Det oljeprisdrivne oppsvinget i investeringane på norsk kontinentalsokkel har gitt viktige vekstimpulsar til fastlandsøkonomien, og var ei av hovudårsakene til at norsk økonomi...

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The recent five years have seen a nearly tenfold increase the salmon stock price index at the Oslo Stock Exchange. This paper tries to shed some light on the reasons why this substantial stock price appreciation has occurred. The primary aim is to ascertain if the market valuation of salmon...

This paper examines the hedging properties of Atlantic salmon futures. Hedging is important since it allows for mitigation of the risk of adverse price changes in the spot market. We examine the hedging efficiency of three types of hedging strategies; unhedged, fully hedged and hedging using...

Since the commercial breakthrough in the early 1970s, salmon farming in the sea has gone from small-scale to one of Norway's largest export industries. Although salmon and trout farming represents only a few percent of the world's aquaculture production, the Norwegian aquaculture industry is a...

Financial statement information is important for evaluating a firm's performance, and for forecasting its future cash flows. This paper studies the relationship between financial accounting information and market valuation for publically listed salmon farming companies. Of special interest is...

Salmon farming companies are increasingly gaining attention from investors and portfolio managers. The last decade has seen a substantial growth in the securitization of salmon farming assets and prices. A growing literature demonstrates that industry-specific fundamental, as well as market-wide...

This paper examines how oil and gas companies' reserves growth affects their share price returns. In particular, we examine three issues affecting the relation between reserves changes and oil and gas firm returns. First, we examine if investors value reserves replacement because of exploration...

This paper studies financial statement information from the 50 largest international oil and gas companies during 1992 to 2011 and evaluates their relation to market values. In particular, we examine how this relationship is affected by accounting method choice (successful efforts versus full...