Linking the Value Assessment of Oil and Gas Firms to Ambidexterity Theory Using a Mixture of Normal Distributions

Sebastien Casault, Aard J. Groen, Jonathan D. Linton

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Oil and gas exploration and production firms have return profiles that are not easily
explained by current financial theory–the variation in their market returns is non-Gaussian. In this paper, the nature and underlying reason for these significant deviations from expected behavior are considered. Understanding these differences in financial market behavior is important for a wide range of reasons, including: assessing investments, investor relations, decisions to raise capital, assessment of firm and management performance. We show ...
Original languageEnglish
Article number36
Number of pages12
JournalOil & Gas Science and Technology
Issue number3
Publication statusPublished - 2016


  • prices
  • risk
  • investments

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