Recent developments in the oil and gas industry suggest that investment behaviour is not necessarilychangeless over time. We propose a micro-econometric procedure to investigate the stability ofinvestment behaviour. Applying system GMM methods on a panel data set for 253 oil and gas...

We study the time-varying effects of Tobin's q and cash flow on investment dynamics in the USA using a vector autoregression model with drifting parameters and stochastic volatilities estimated via Bayesian methods. We find significant variation over time of the response of investment to shocks...

This paper specifies a regression model describing cointegrating relations between variables at the individual level. The models considered allow for homogeneous cointegration and heterogeneous cointegration. In both cases correlation between the regressors and the regression error can occur...

Due to increasing economic and sector risk coal mining in Europe is treated as a declining industry. In post-transition economies such approach is a threat for energy security and local and regional economic development. Nowadays, coal mining survival in Central-East Europe is additionally...

We use a real options approach to evaluate the performance of proxy variables for a firmiquest;s investment opportunity set. The results show that on a relative scale, the market-to-book assets ratio outperforms all other proxy variables that we investigate. It has the highest information...

Through reliance on continuous disclosure, market efficiency and simple tools, I make an observation that the capital markets value exploration and development resource companies in a manner that could effectively attribute to them some hope for exploration success and minerals discovery, which...

Discounted-cash-flow (DCF) techniques form the basis of most corporate-investment decisions. Many practitioners, however, claim to be dissatisfied with traditional methods of appraisal. In this paper, we survey DCF and more recent methods of evaluating cyclical projects.

This paper investigates the mining industry's poor productivity performance as measured by the conventional multifactor productivity (MFP) index during the recent mining boom in Australia. We derive a relationship between the measured and 'true' MFP growth that separates the effects of returns...