A Fundamental Analysis Approach to Oil and Gas Firm Valuation
针对美国油气勘探与生产行业，使用行业财务分析师识别的变量进行基本面分析，发现多个基本面指标与股权市场价值和累计股票收益显著相关，且能提供超出盈利、盈利变化和股权账面价值的增量信息。
Most fundamental analysis studies have focused on fundamentals selected by a data‐driven approach on large samples of firms from numerous industries. This paper reports the results of a fundamental analysis of a single industry, the US oil and gas exploration and production industry, using variables identified by industry financial analysts. The results demonstrate a significant relationship between a number of the fundamentals with both the market value of equity and cumulative stock return. The results also suggest that the fundamentals provide incremental information beyond earnings, change in earnings, and book value of equity when explaining equity values and stock returns.