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A Note on Vertical Integration and Stock Ratings of Oil Companies in the U.S

Author

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  • Kenneth Edwards
  • John D. Jackson
  • Henry L. Thompson

Abstract

This note examines some evidence for a link between profitability of oil companies and operational vertical integration into pipelines and crude oil. All empirical specification is estimated using ordered probit. Levels of integration into pipeline and crude that maximize stock ratings are derived using recent oil company data. Integration into pipelines has a weak positive effect on the stock ratings of oil companies, and integration into crude oil has a stronger positive? effect.

Suggested Citation

  • Kenneth Edwards & John D. Jackson & Henry L. Thompson, 2000. "A Note on Vertical Integration and Stock Ratings of Oil Companies in the U.S," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 145-151.
    • Handle: RePEc:aen:journl:2000v21-02-a07
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    Cited by:

    1. Marissa Beck & Fiona Scott Morton, 2021. "Evaluating the Evidence on Vertical Mergers," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 59(2), pages 273-302, September.
    2. Luis Antonio Andrade Rosas & Héctor Alonso Olivares Aguayo & Carlos Alberto Jiménez Bandala, 2023. "¿Objetivos económicos o sobrevivencia? teoría de juegos con riesgo durante el COVID-19," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 18(4), pages 1-22, Octubre -.
    3. Francine Lafontaine & Margaret Slade, 2007. "Vertical Integration and Firm Boundaries: The Evidence," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 629-685, September.

    More about this item

    JEL classification:

    • F0 - International Economics - - General

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