Investment in Offshore Oil by Diversified Petroleum Companies
建立了一个投资组合选择模型，考虑企业内部协方差风险对海上石油租赁价格的影响，并利用1973-74年石油禁运前后的数据预测租赁价值，与实际支出对比后发现禁运后租赁价格下降部分源于1970年代初的过度竞标。
The portfolio choice model presented here incorporates the impact of internal firm covariance risk on lease prices for offshore oil tracts. Based on estimates of ex ante investment risks and returns, the model predicts tract values before and after the 1973-74 oil embargo, which are then compared with actual expenditures by the industry. The results suggest that a decrease in actual lease prices subsequent to the embargo partly may have reflected overbidding in the early 1970s, rather than underbidding later in the decade. Copyright 1989 by Blackwell Publishing Ltd.