| dc.description.abstract | We study whether the US and UK invaded Iraq to gain access to oil resources. Our
findings provide evidence that events decreasing conflict intensity lead to significantly
positive abnormal returns for the US and UK oil companies. We find no evidence that the
US and UK companies experience abnormal returns following events increasing conflict
intensity. However, they significantly outperform all control groups following these events.
Following the capture of Saddam Hussein, we find that the US and UK companies
experience significantly greater long-term cumulative abnormal returns than the control
group consisting of oil companies from all other countries. These results are, however,
sensitive to changes in the control group composition. | en_US |
