Bård Misund holds a M.Sc. in Finance from the Norwegian School of Economics and Business Administration (NHH) and a Ph.D. in Industrial Economics from the University of Stavanger. Bård is associate professor of Commodity Finance at the University of Stavanger Business School. He has 10 years of industry experience from commodities companies. Before joining academia, he worked as an economic analyst and advisor to the Norwegian oil and gas company Statoil ASA, working on pricing of energy derivatives and structured energy products such as swing options, natural gas storage and tolling agreements. His research on commodities include price behaviour, volatility transmission, the spot-forward relationship in futures markets, and price formation in spot and futures markets, and risk premium in commodity futures prices. In addition, Misund’s research also include the determinants of commodity firm stock returns, financial statement analysis, corporate valuation, as well as taxation of oil and gas firms.
In this study, the authors investigate drivers of merger activity in the oil and gas sector and seek to ascertain how key determinants influence the takeover likelihood of oil and gas companies.
This paper focuses upon the oil and gas industry, examining the association between exploration activity risk and company shareholder returns.