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Market efficiency in announcements of petroleum discoveries : an empirical analysis for the Norwegian continental shelf

Vik, Kenneth
Master thesis
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URI
http://hdl.handle.net/11250/170176
Date
2013
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  • Master Thesis [4207]
Abstract
This is an event study which investigates the stock price behavior of oil and gas companies in the days surrounding announcements of petroleum discoveries. The pre-announcement period is examined in order to test for indications of information leakage. The analysis in the post-announcement period is a test of market efficiency and competing theories of return behavior following firm-specific events. I find no indications of information leakage, and the market seems to adjust efficiently to the announcements. However, there are some weak indications of a positive post-announcement drift. Due to some power issues, I leave this an open question for further research.

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