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| Tekijä: | Spear, N. |
| Otsikko: | The market reaction to the reserve-based value replacement measeres of oil and gas producers |
| Lehti: | Journal of Business Finance and Accounting
1996 : SEP, VOL. 23:7, p. 953-974 |
| Asiasana: | OIL PRICES GAS INDUSTRY RESERVE ACCOUNT |
| Kieli: | eng |
| Tiivistelmä: | This study investigates the incremental information in alternative reservebased value replacement measures over historical cost income of oil and gas (O&G) producing companies. The empirical results suggest that market participants react favourably to O&G companies that are successful in replacing their O&G reserves via discoveries. Whereas this market reaction is positive and significant for full cost (FC) companies that deal primarily in O&G exploration and production, it is insignificant for successful efforts (SE) companies. Furthermore, it appears that once production and discovery quantities are known, the reserve-based value disclosures convey little incremental information. |
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