| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26497 |
| 来源ID | Working Paper 26497 |
| Stranded Fossil Fuel Reserves and Firm Value | |
| Christina Atanasova; Eduardo S. Schwartz | |
| 发表日期 | 2019-11-25 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Do capital markets reflect the possibility that fossil fuel reserves may become “stranded assets” in the transition to a low carbon economy? We examine the relation between oil firms’ value and their proved reserves. Using a sample of 600 North American oil firms for the period 1999 to 2018, we document that while reserves are an important component of oil firm value, the growth of these reserves has a negative effect on firm value. This negative effect on value is stronger for oil producers with higher extraction costs. When we decompose total reserves into developed and undeveloped reserves, we show that the negative effect of reserves growth on value is due to firms growing their undeveloped oil reserves. Unlike developed, undeveloped reserves require major capital expenditures and longer time before they can be extracted. We also document that the negative effect is stronger for undeveloped oil reserves located in countries with strict climate policies. Our evidence is consistent with markets penalizing future investment in undeveloped reserves growth due to climate policy risk. High level of institutional ownership, stock market liquidity and analyst coverage do not change the negative effect of undeveloped reserves growth on firm value. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w26497 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584169 |
| 推荐引用方式 GB/T 7714 | Christina Atanasova,Eduardo S. Schwartz. Stranded Fossil Fuel Reserves and Firm Value. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26497.pdf（414KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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