Showing 1 - 8 of 8
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 shortterm accounting return (RoACE) for benchmarking and valuation, and this has led to high capital discipline...
Persistent link: https://www.econbiz.de/10010275859
Gas exports to the Continent are regulated by long term take-or-pay contracts. The contracts are described and analyzed. We thereafter examine whether the most central European gas market, the German market, is integrated. Are there substantial price differences between gas from different export...
Persistent link: https://www.econbiz.de/10010315027
Producers or consumers faced with an increase in taxes are usually able to shift parts of it to other levels in the value chain. We examine who is actually bearing the burden of increased energy taxes in the EU-area - consumers or exporters. Traditional tax incidence theory presumes spot...
Persistent link: https://www.econbiz.de/10010315076
Fisheries are common-pool resources, and many of world's fisheries are overexploited. At the same time, capture fisheries and aquaculture operations can impinge on public goods provided by marine ecosystems such as marine biodiversity and unique habitat. The common-pool and public goods...
Persistent link: https://www.econbiz.de/10010326763
In this paper we investigate the time-varying relationship between oil and natural gas in the UK. We develop a model where relative prices can move between pricing-regimes; markets switch between being decoupled and integrated. Our model endogenously accounts for periods where oil and natural...
Persistent link: https://www.econbiz.de/10010328789
When natural gas prices are subject to periodic decoupling from oil prices, for instance due to peak-load pricing, conventional linear models of price dynamics such as the Vector Error Correction Model (VECM) can lead to erroneous inferences about cointegration relationships, price adjustments...
Persistent link: https://www.econbiz.de/10010500401
After opening up of the Interconnector, the liberalized UK natural gas market and the regulated Continental gas markets became physically integrated. The oil-linked Continental gas price became dominant, due to both the large volume of the Continental market and to the fact that the significant...
Persistent link: https://www.econbiz.de/10010261139
This study presents a novel approach to selecting comparable companies in equity valuation. While valuation multiples is probably the most common valuation method in practice, discounted cash flow and residual income valuation models are advocated by academics. A key aspect in valuation by...
Persistent link: https://www.econbiz.de/10011988705