Common Stock Returns around Farmout Announcements in the Oil and Gas Industry
研究了油气勘探公司发布农场出让协议公告时的市场反应，发现公告后3天内出让方和受让方分别获得3.60%和1.90%的正异常回报，且回报受油价波动影响。
We examine market reactions to farmout agreements, a common form of strategic alliance undertaken by oil and gas explorers internationally. Using an Australian sample of 722 farmout agreements announced during the 1990–2016 period, we find that farmout announcements generate a positive cumulative average abnormal return of 3.60% for farmors and 1.90% for farminees over a 3-day event window. Cross-sectional analysis of farmors’ event returns provides results consistent with the resource pooling hypotheses. We also find that farmors’ announcement returns are sensitive to the underlying oil price volatility, consistent with the real options view of farmout arrangements.