The Value of Strategic Resource Ownership - National Winners and Major Losers

29 Pages Posted: 4 Jan 2009

See all articles by Gavin Lee Kretzschmar

Gavin Lee Kretzschmar

University of Edinburgh - Accounting and Finance

Magnus Gran-Jansen

University of Edinburgh

Liliya Sharifzyanova

affiliation not provided to SSRN

Date Written: January 2, 2009

Abstract

National Oil Companies (NOCs) have increased their global ownership to cover 78% of worldwide oil and gas reserves. We show that this has had observable consequences on the relative market value of competitor groupings. Ownership changes are linked with corresponding changes in corporate value for the period 2005 to 2008, covering 689 companies operating across 79 countries. Competitor groups significantly underperform NOCs, an effect we link to their proportional reduction in global resource ownership, a trend expected to continue to benefit NOCs at the expense of all competitors.

Keywords: Value of ownership, oil and gas, strategic ownership

Suggested Citation

Kretzschmar, Gavin Lee and Gran-Jansen, Magnus and Sharifzyanova, Liliya, The Value of Strategic Resource Ownership - National Winners and Major Losers (January 2, 2009). Available at SSRN: https://ssrn.com/abstract=1322556 or http://dx.doi.org/10.2139/ssrn.1322556

Gavin Lee Kretzschmar (Contact Author)

University of Edinburgh - Accounting and Finance ( email )

William Robertson Building
Edinburgh EH8 9JY
United Kingdom

Magnus Gran-Jansen

University of Edinburgh ( email )

Old College
South Bridge
Edinburgh, Scotland EH8 9JY
United Kingdom

Liliya Sharifzyanova

affiliation not provided to SSRN ( email )

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