after second world war, demand for oil increased and in 1970s reached to its maximum growth. and naturally, providing this level of demand depended on much more import from opec, especially from middle eastern members. contemporaneous, in the early 1970s, some opec governments stopped granting new concessions and starting to claim equity participation in the existing concessions, with a few of ...

Declaration In accordance with the Regulations for Higher Degrees by Research, I hereby declare that the whole thesis now submitted for the candidature of Doctor of Philosophy is a result of my own research and independent work except where reference is made to published literature. I also hereby certify that the work embodied in this thesis has not already been submitted in any substance for a...

Price discovery in crude oil and refined oil products has been extensively undertaken in organised futures markets for over a decade now. There are two dominant such markets today: the first one in the New York Mercantile Exchange; and the second in London’s International Petroleum Exchange. With the demise of OPEC as the leading price setter for crude and products, NYMEX light sweet crude and ...

This paper provides an overview of the literature on private equity and leveraged buyouts, focusing on global evidence related to both governance and returns to private equity and leveraged buyouts. We distinguish between financial and real returns to this activity, where the latter refers to productivity and broader performance measures. We also outline a research agenda on this topic. © 2007 ...

Article history: Received 31 August 2012 Received in revised form 22 April 2013 Accepted 19 May 2013 Available online 25 May 2013 This paper investigates the dynamic dependence between crude oil prices and stock markets in ten countries across the Asia-Pacific region during the period from January 4, 2000 to March 30, 2012 by using unconditional and conditional copula models. The model is imple...

We study financial intermediation in which sufficient sorting is impossible. We identify a new type of market failure that may occur even when returns of investing entrepreneurs are verifiable. Moreover, we suggest that the nature of competition determines the contracts banks offer. A monopoly bank will offer equity contracts. In any pure strategy equilibrium when lenders compete à la Bertrand,...

Owner-managers of private companies are often highly underdiversified. We investigate the consequences of underdiversification at the company level. There is a strong positive relationship between underdiversification, measured as the share of personal net worth invested in the company, and profitability, measured as the return on equity. The analysis identifies two causes for this underdiversi...

I examine the role of debt-financed special payments to shareholders in defending incumbent managements during proxy contests. This role is based on shareholder preference for dividends and the consequent linkage between dividends and managerial security. The model is used to explain why the seemingly contradictory phenomena of (i) wealth losses to shareholders and (ii) lack of any substantial ...