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Gas Reserves And Equity Valuation: Implications For Accounting Standards, Keith Duncan, Simone Kelly, Ray Mcnamara
Gas Reserves And Equity Valuation: Implications For Accounting Standards, Keith Duncan, Simone Kelly, Ray Mcnamara
Simone Kelly
The coal seam gas industry is an important and rapidly developing sector of the Australian mining industry. This sector provides an excellent site to test the relevance of the Hotelling Valuation Principle (HVP) in explaining the market capitalisation of this industry sector. Currently, the majority of listed firms in this sector do not have positive cash flows from the sale of gas. The HVP posits that market values are a function of company reserves. We test five measures of firm reserves as explanations of market capitalisation. After controlling for scale differences, we find that 2P Reserves have the highest explanatory …
Gas Reserves And Equity Valuation: Implications For Accounting Standards, Keith Duncan, Simone Kelly, Ray Mcnamara
Gas Reserves And Equity Valuation: Implications For Accounting Standards, Keith Duncan, Simone Kelly, Ray Mcnamara
Keith Duncan
The coal seam gas industry is an important and rapidly developing sector of the Australian mining industry. This sector provides an excellent site to test the relevance of the Hotelling Valuation Principle (HVP) in explaining the market capitalisation of this industry sector. Currently, the majority of listed firms in this sector do not have positive cash flows from the sale of gas. The HVP posits that market values are a function of company reserves. We test five measures of firm reserves as explanations of market capitalisation. After controlling for scale differences, we find that 2P Reserves have the highest explanatory …
Gas Reserves And Equity Valuation: Implications For Accounting Standards, Keith Duncan, Simone Kelly, Ray Mcnamara
Gas Reserves And Equity Valuation: Implications For Accounting Standards, Keith Duncan, Simone Kelly, Ray Mcnamara
Ray McNamara
The coal seam gas industry is an important and rapidly developing sector of the Australian mining industry. This sector provides an excellent site to test the relevance of the Hotelling Valuation Principle (HVP) in explaining the market capitalisation of this industry sector. Currently, the majority of listed firms in this sector do not have positive cash flows from the sale of gas. The HVP posits that market values are a function of company reserves. We test five measures of firm reserves as explanations of market capitalisation. After controlling for scale differences, we find that 2P Reserves have the highest explanatory …