National Oil Companies (NOCs) have increased their global ownership to cover 78% of worldwide oil and gas reserves. We show that this has had observable consequences on the relative market value of competitor groupings. Ownership changes are linked with corresponding changes in corporate value...

Russia's capability of meeting Europe's oil and gas (Oamp;G) demand has coincided with the Duma's stated objective of consolidating political control over strategic assets. Our sector study of strategic asset acquisitions by Russian Oamp;G companies for the period 2000-2006 analyses the relative...

Despite a trend toward asset privatization, host governments are retaining ownership over strategically important domestic oil and gas resources, effectively limiting corporate foreign direct investment (FDI). These findings are supported by an analysis of global reserve acquisitions for the...

Evidence is provided of the effects of international diversification on global asset ownership and control. We show that international geographic diversification in the oil and gas sector comes at an important cost, lower control over foreign oilfield assets relative to domestic assets (and...

We investigate the impact of oilfield control on firm value (measured as Tobin's q). The valuation effect of control over associated and subsidiary entity assets is well formulated. Less clear is the value of control when the contracting nexus is the asset itself. In this study of strategic oil...

This study focuses on the sustainable advantage of National Oil Companies (NOCs) in the global oil and gas resource sector. Specifically we examine ownership attributes, demonstrating that NOCs have increased ownership over strategic global reserves by 6%, from 72% (in 2005) to 78% in 2008. This...

It has become fashionable to blame global banking failures on the unfettered growth in 'hard to value and hard to sell' level 3 banking assets. With the majority of large UK and many US banks collapsing or forced to raise capital over the 2007-9 period, blaming bankers may be satisfying but is...

Economic capital models are potentially powerful tools for enterprise risk management (ERM), and for the supervisory review process (Pillar 2) of the Basel II and Solvency II regulatory capital frameworks. We argue that, to fulfill this potential, economic capital models need to be fully...

Commodity price shocks are shown to cause shifts in both the quantum and timing of risk in natural resource assets. We provide evidence that static risk measures understate the periodicity of price risk implicit in depleting assets. Risk measurement is demonstrated to be asset specific and to...

This study allows insights into the effects of economic state variables on asset values. We use a global sample of oil and gas sector assets to demonstrate that global differences in state participation terms cause oilfield asset values to respond differently to oil price shocks. Our sample...