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We examine the impact of the announcement of acquisition of oil and gas acreage and reserves on the share price of US listed oil and gas firms. While there is evidence of information asymmetry related differences in the share market reaction on announcement of acquisition of acreage or reserves, we also identify greater sensitivity to crude oil price volatility for acreage acquisitions, consistent...
There are few empirical tests that support the existence of information asymmetry. We add to this literature using bid-ask spread to capture differences in the level of information asymmetry just prior to the announcement of an open market acquisition of acreage or reserves by U.S. oil and gas firms over the period 1993 to 2011. Acreage is an area of land that is believed to contain reserves and so...
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