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Counterfactual Simulation of Corporate Costs for Public Companies

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  • Bell, Peter

Abstract

This paper shows ways to simulate financial economic models for a mining exploration company. Two types of data are used: a time series of annual financial statements for a particular company and the stock exchange listing requirements for mining exploration companies in general. I describe how Kermode Resources Ltd.'s audited financial statements reflect different eras of leadership within the company over time and show how key corporate costs can vary as leadership and strategy change. I show a toy model of the costs of running a public company based on the constraints from the TSX Venture Exchange as a hypothetical company running on the edge of the listing requirements. I compare the bare-minimum cost profile of the hypothetical company under the listing requirements with similar corporate costs observed in Kermode Resources' financial statements over time.

Suggested Citation

  • Bell, Peter, 2025. "Counterfactual Simulation of Corporate Costs for Public Companies," MPRA Paper 126146, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:126146
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    File URL: https://mpra.ub.uni-muenchen.de/126146/1/MPRA_paper_126146.pdf
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    References listed on IDEAS

    as
    1. Bell, Peter N, 2015. "Mineral exploration as a game of chance," MPRA Paper 62159, University Library of Munich, Germany.
    2. Bell, Peter, 2025. "Financial Ratios for Mining Exploration Public Company Kermode Resources, 2005-2024," MPRA Paper 123791, University Library of Munich, Germany.
    3. Bell, Peter N, 2014. "A Method for Experimental Events that Break Cointegration: Counterfactual Simulation," MPRA Paper 53523, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    1. Bell, Peter, 2025. "Mining Exploration Business Valuation Simulations with Global VMS Deposits Database," MPRA Paper 126072, University Library of Munich, Germany.
    2. Bell, Peter & Braun, Andrew, 2025. "Financial Ratios for SEABRIDGE GOLD 2000 to 2024 Mining Exploration Balance Sheet Analysis," MPRA Paper 125480, University Library of Munich, Germany.

    More about this item

    Keywords

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    JEL classification:

    • C0 - Mathematical and Quantitative Methods - - General
    • G0 - Financial Economics - - General
    • L72 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Other Nonrenewable Resources

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