This analysis reveals market valuation inconsistencies of oil and gas properties, suggesting implications for trading strategies.
Provides evidence of the value-relevance of book values of oil and gas properties. Zero-investment trading rules; Role of the functional fixation on book values on the initial trading strategy; Book-value-induced cross-sectional variation in the inferred market values; Pricing anomaly.
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Harris et al. (1990) studied this question.
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