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An Empirical Investigation into the Information Content of the Required Disclosure of Oil and Gas Reserve Values

This empirical study is concerned with whether the oil and gas reserve value data reported by petroleum producers have been utilized by investors. Reporting reserve value data based on a present value approach is the initial step toward the development of the Securities and Exchange Commission's new accounting method called "Reserve Recognition Accounting" (RRA) for oil and gas producers. Experimentation with this new accounting concept in the oil and gas industry has been adopted as a tentative resolution of the long-standing controversy over valuation of oil and gas reserves and the measure of income from oil and gas exploration. Evidence gathered in this research will be valuable to the SEC in its efforts to assess the usefulness of RRA. This dissertation assumes capital market efficiency and address two specific questions. First, do investors behave as if the reported end-of-year reserve value data are effective signals for pricing securities of oil and gas producers? Second, has the SEC-mandated reserve value disclosures induced any response in the capital market? Two research designs were employed to permit extensive investigation of these two questions.

Identiferoai:union.ndltd.org:unt.edu/info:ark/67531/metadc331926
Date08 1900
CreatorsHuang, Jiunn-Chang
ContributorsBrock, Horace R., Luker, William A., Spalding, John Barney
PublisherNorth Texas State University
Source SetsUniversity of North Texas
LanguageEnglish
Detected LanguageEnglish
TypeThesis or Dissertation
Formatvi, 104 leaves : ill., Text
CoverageUnited States
RightsPublic, Huang, Jiunn-Chang, Copyright, Copyright is held by the author, unless otherwise noted. All rights reserved.

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