The Capital Asset Pricing Model (CAPM) and Arbitrage Portfolio Theory (APT) have been commonly used techniques in the global investing community for calculating the required return of a risky asset. This paper investigates whether CAPM and APT are valid models for determining price/return of the...

The recent boom in oil prices has attracted many investors to oil companies in search of both returns and diversification benefits. This analysis of the risk factors of investing in the oil and gas industry in 34 countries finds evidence that oil price is a globally priced factor for the oil...

Oil and gas company returns are compared between upstream, midstream, and down-stream sectors from 2000 through 2020. Crude oil, natural gas, and distillate returns reflect project risk, infrastructure, and conditions within the industry. Equity, commodity, and distillate markets positively...