Investment and uncertainty in the international oil and gas industry

被引：49

作者：

Mohn, Klaus ^{[1
]}

Misund, Bard ^{[1
]}

机构：

[1] Univ Stavanger, N-4036 Stavanger, Norway

来源：

ENERGY ECONOMICS | 2009年 / 31卷 / 02期

关键词：

Capital formation; Uncertainty; Dynamic panel data models; IRREVERSIBLE INVESTMENT; REAL OPTIONS; PANEL-DATA; ERROR; VALUATION; VARIANCE; MODELS; PRICE;

D O I：

10.1016/j.eneco.2008.10.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The standard theory of irreversible investments and real options suggests a negative relation between investment and uncertainty. Richer models with compound option structures open for a positive relationship. This paper presents a micro-econometric study of corporate investment and uncertainty in a period of market turbulence and restructuring in the international oil and gas industry. Based on data for 115 companies over the period 1992-2005, we estimate four different specifications of the q model of investment, with robust results for the uncertainty variables. The estimated models suggest that macroeconomic uncertainty creates a bottleneck for oil and gas investment and production. whereas industry-specific uncertainty has a stimulating effect. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：240 / 248

页数：9

共 60 条

[1] The effects of irreversibility and uncertainty on capital accumulation [J].