The Impact of Foreign Investment Restrictions on the Stock Returns of Oil Sands Companies
In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs) in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minist...
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| Autor*in: |
Eugene Beaulieu [verfasserIn] Matthew M. Saunders [verfasserIn] |
|---|
| Format: |
E-Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2014 |
|---|
| Übergeordnetes Werk: |
In: The School of Public Policy Publications - University of Calgary, 2018, 7(2014) |
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| Übergeordnetes Werk: |
volume:7 ; year:2014 |
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| 520 | |a In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs) in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minister Stephen Harper explained how the government would approach such decisions in the future, including placing the onus on foreign investors to demonstrate how deals would be of net benefit to Canada, as well as granting the industry minister the discretion to accept or deny proposed deals. Accounting for five per cent of Canadian GDP, $28 billion in government revenue and three per cent of all jobs nationwide, the oil sands are an integral component of Canada’s economy. The sector has long relied on foreign capital to finance projects, meaning that any move to deter outside investment could have profound consequences for the development of this critical economic asset. In this paper, the authors examine the impact of this policy change by measuring the stock returns of firms operating in the oil sands. Employing an event study analysis, they find empirical evidence that the government’s policy change has resulted in the material destruction of shareholder wealth, particularly in the case of the smaller oil companies. What is more, given the composition of the global oil industry has changed to one where SOEs dominate both reserves and production, is this a policy Canada can afford in the long term? “When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.” - Prime Minister Stephen Harper, December 7, 2012 “…going forward, the [industry] minister will find the acquisition of control of a Canadian oil-sands business by a state-owned enterprise to be of net benefit, only in an exceptional circumstance.” - Prime Minister Stephen Harper, December 7, 2012 “A year after the new Investment Canada Act rules were announced in December 2012, investment dollars from state-owned enterprises have essentially stopped flowing into the bitumen extraction business. Energy-directed foreign direct investment – of which SOEs play an important role – fell off a cliff in 2013, declining 92 per cent year-to-year from $27 billion to $2 billion. These are very worrisome statistics for a nation highly dependent on foreign investment to fund its capital-intensive resource industries.” - Sebation Gault, December 2, 2013 Published in Alberta Oil Magazine | ||
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(DE-627)DOAJ079820425 (DE-599)DOAJ283b7ddbc00c43548e0577d05a02c0cc DE-627 ger DE-627 rakwb eng JF20-2112 Eugene Beaulieu verfasserin aut The Impact of Foreign Investment Restrictions on the Stock Returns of Oil Sands Companies 2014 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs) in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minister Stephen Harper explained how the government would approach such decisions in the future, including placing the onus on foreign investors to demonstrate how deals would be of net benefit to Canada, as well as granting the industry minister the discretion to accept or deny proposed deals. Accounting for five per cent of Canadian GDP, $28 billion in government revenue and three per cent of all jobs nationwide, the oil sands are an integral component of Canada’s economy. The sector has long relied on foreign capital to finance projects, meaning that any move to deter outside investment could have profound consequences for the development of this critical economic asset. In this paper, the authors examine the impact of this policy change by measuring the stock returns of firms operating in the oil sands. Employing an event study analysis, they find empirical evidence that the government’s policy change has resulted in the material destruction of shareholder wealth, particularly in the case of the smaller oil companies. What is more, given the composition of the global oil industry has changed to one where SOEs dominate both reserves and production, is this a policy Canada can afford in the long term? “When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.” - Prime Minister Stephen Harper, December 7, 2012 “…going forward, the [industry] minister will find the acquisition of control of a Canadian oil-sands business by a state-owned enterprise to be of net benefit, only in an exceptional circumstance.” - Prime Minister Stephen Harper, December 7, 2012 “A year after the new Investment Canada Act rules were announced in December 2012, investment dollars from state-owned enterprises have essentially stopped flowing into the bitumen extraction business. Energy-directed foreign direct investment – of which SOEs play an important role – fell off a cliff in 2013, declining 92 per cent year-to-year from $27 billion to $2 billion. These are very worrisome statistics for a nation highly dependent on foreign investment to fund its capital-intensive resource industries.” - Sebation Gault, December 2, 2013 Published in Alberta Oil Magazine Political institutions and public administration (General) Matthew M. Saunders verfasserin aut In The School of Public Policy Publications University of Calgary, 2018 7(2014) (DE-627)1760616451 25608320 nnns volume:7 year:2014 https://doaj.org/article/283b7ddbc00c43548e0577d05a02c0cc kostenfrei https://journalhosting.ucalgary.ca/index.php/sppp/article/view/42468 kostenfrei https://doaj.org/toc/2560-8312 Journal toc kostenfrei https://doaj.org/toc/2560-8320 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ AR 7 2014 |
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(DE-627)DOAJ079820425 (DE-599)DOAJ283b7ddbc00c43548e0577d05a02c0cc DE-627 ger DE-627 rakwb eng JF20-2112 Eugene Beaulieu verfasserin aut The Impact of Foreign Investment Restrictions on the Stock Returns of Oil Sands Companies 2014 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs) in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minister Stephen Harper explained how the government would approach such decisions in the future, including placing the onus on foreign investors to demonstrate how deals would be of net benefit to Canada, as well as granting the industry minister the discretion to accept or deny proposed deals. Accounting for five per cent of Canadian GDP, $28 billion in government revenue and three per cent of all jobs nationwide, the oil sands are an integral component of Canada’s economy. The sector has long relied on foreign capital to finance projects, meaning that any move to deter outside investment could have profound consequences for the development of this critical economic asset. In this paper, the authors examine the impact of this policy change by measuring the stock returns of firms operating in the oil sands. Employing an event study analysis, they find empirical evidence that the government’s policy change has resulted in the material destruction of shareholder wealth, particularly in the case of the smaller oil companies. What is more, given the composition of the global oil industry has changed to one where SOEs dominate both reserves and production, is this a policy Canada can afford in the long term? “When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.” - Prime Minister Stephen Harper, December 7, 2012 “…going forward, the [industry] minister will find the acquisition of control of a Canadian oil-sands business by a state-owned enterprise to be of net benefit, only in an exceptional circumstance.” - Prime Minister Stephen Harper, December 7, 2012 “A year after the new Investment Canada Act rules were announced in December 2012, investment dollars from state-owned enterprises have essentially stopped flowing into the bitumen extraction business. Energy-directed foreign direct investment – of which SOEs play an important role – fell off a cliff in 2013, declining 92 per cent year-to-year from $27 billion to $2 billion. These are very worrisome statistics for a nation highly dependent on foreign investment to fund its capital-intensive resource industries.” - Sebation Gault, December 2, 2013 Published in Alberta Oil Magazine Political institutions and public administration (General) Matthew M. Saunders verfasserin aut In The School of Public Policy Publications University of Calgary, 2018 7(2014) (DE-627)1760616451 25608320 nnns volume:7 year:2014 https://doaj.org/article/283b7ddbc00c43548e0577d05a02c0cc kostenfrei https://journalhosting.ucalgary.ca/index.php/sppp/article/view/42468 kostenfrei https://doaj.org/toc/2560-8312 Journal toc kostenfrei https://doaj.org/toc/2560-8320 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ AR 7 2014 |
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(DE-627)DOAJ079820425 (DE-599)DOAJ283b7ddbc00c43548e0577d05a02c0cc DE-627 ger DE-627 rakwb eng JF20-2112 Eugene Beaulieu verfasserin aut The Impact of Foreign Investment Restrictions on the Stock Returns of Oil Sands Companies 2014 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs) in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minister Stephen Harper explained how the government would approach such decisions in the future, including placing the onus on foreign investors to demonstrate how deals would be of net benefit to Canada, as well as granting the industry minister the discretion to accept or deny proposed deals. Accounting for five per cent of Canadian GDP, $28 billion in government revenue and three per cent of all jobs nationwide, the oil sands are an integral component of Canada’s economy. The sector has long relied on foreign capital to finance projects, meaning that any move to deter outside investment could have profound consequences for the development of this critical economic asset. In this paper, the authors examine the impact of this policy change by measuring the stock returns of firms operating in the oil sands. Employing an event study analysis, they find empirical evidence that the government’s policy change has resulted in the material destruction of shareholder wealth, particularly in the case of the smaller oil companies. What is more, given the composition of the global oil industry has changed to one where SOEs dominate both reserves and production, is this a policy Canada can afford in the long term? “When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.” - Prime Minister Stephen Harper, December 7, 2012 “…going forward, the [industry] minister will find the acquisition of control of a Canadian oil-sands business by a state-owned enterprise to be of net benefit, only in an exceptional circumstance.” - Prime Minister Stephen Harper, December 7, 2012 “A year after the new Investment Canada Act rules were announced in December 2012, investment dollars from state-owned enterprises have essentially stopped flowing into the bitumen extraction business. Energy-directed foreign direct investment – of which SOEs play an important role – fell off a cliff in 2013, declining 92 per cent year-to-year from $27 billion to $2 billion. These are very worrisome statistics for a nation highly dependent on foreign investment to fund its capital-intensive resource industries.” - Sebation Gault, December 2, 2013 Published in Alberta Oil Magazine Political institutions and public administration (General) Matthew M. Saunders verfasserin aut In The School of Public Policy Publications University of Calgary, 2018 7(2014) (DE-627)1760616451 25608320 nnns volume:7 year:2014 https://doaj.org/article/283b7ddbc00c43548e0577d05a02c0cc kostenfrei https://journalhosting.ucalgary.ca/index.php/sppp/article/view/42468 kostenfrei https://doaj.org/toc/2560-8312 Journal toc kostenfrei https://doaj.org/toc/2560-8320 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ AR 7 2014 |
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The Impact of Foreign Investment Restrictions on the Stock Returns of Oil Sands Companies |
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Eugene Beaulieu |
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impact of foreign investment restrictions on the stock returns of oil sands companies |
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The Impact of Foreign Investment Restrictions on the Stock Returns of Oil Sands Companies |
| abstract |
In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs) in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minister Stephen Harper explained how the government would approach such decisions in the future, including placing the onus on foreign investors to demonstrate how deals would be of net benefit to Canada, as well as granting the industry minister the discretion to accept or deny proposed deals. Accounting for five per cent of Canadian GDP, $28 billion in government revenue and three per cent of all jobs nationwide, the oil sands are an integral component of Canada’s economy. The sector has long relied on foreign capital to finance projects, meaning that any move to deter outside investment could have profound consequences for the development of this critical economic asset. In this paper, the authors examine the impact of this policy change by measuring the stock returns of firms operating in the oil sands. Employing an event study analysis, they find empirical evidence that the government’s policy change has resulted in the material destruction of shareholder wealth, particularly in the case of the smaller oil companies. What is more, given the composition of the global oil industry has changed to one where SOEs dominate both reserves and production, is this a policy Canada can afford in the long term? “When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.” - Prime Minister Stephen Harper, December 7, 2012 “…going forward, the [industry] minister will find the acquisition of control of a Canadian oil-sands business by a state-owned enterprise to be of net benefit, only in an exceptional circumstance.” - Prime Minister Stephen Harper, December 7, 2012 “A year after the new Investment Canada Act rules were announced in December 2012, investment dollars from state-owned enterprises have essentially stopped flowing into the bitumen extraction business. Energy-directed foreign direct investment – of which SOEs play an important role – fell off a cliff in 2013, declining 92 per cent year-to-year from $27 billion to $2 billion. These are very worrisome statistics for a nation highly dependent on foreign investment to fund its capital-intensive resource industries.” - Sebation Gault, December 2, 2013 Published in Alberta Oil Magazine |
| abstractGer |
In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs) in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minister Stephen Harper explained how the government would approach such decisions in the future, including placing the onus on foreign investors to demonstrate how deals would be of net benefit to Canada, as well as granting the industry minister the discretion to accept or deny proposed deals. Accounting for five per cent of Canadian GDP, $28 billion in government revenue and three per cent of all jobs nationwide, the oil sands are an integral component of Canada’s economy. The sector has long relied on foreign capital to finance projects, meaning that any move to deter outside investment could have profound consequences for the development of this critical economic asset. In this paper, the authors examine the impact of this policy change by measuring the stock returns of firms operating in the oil sands. Employing an event study analysis, they find empirical evidence that the government’s policy change has resulted in the material destruction of shareholder wealth, particularly in the case of the smaller oil companies. What is more, given the composition of the global oil industry has changed to one where SOEs dominate both reserves and production, is this a policy Canada can afford in the long term? “When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.” - Prime Minister Stephen Harper, December 7, 2012 “…going forward, the [industry] minister will find the acquisition of control of a Canadian oil-sands business by a state-owned enterprise to be of net benefit, only in an exceptional circumstance.” - Prime Minister Stephen Harper, December 7, 2012 “A year after the new Investment Canada Act rules were announced in December 2012, investment dollars from state-owned enterprises have essentially stopped flowing into the bitumen extraction business. Energy-directed foreign direct investment – of which SOEs play an important role – fell off a cliff in 2013, declining 92 per cent year-to-year from $27 billion to $2 billion. These are very worrisome statistics for a nation highly dependent on foreign investment to fund its capital-intensive resource industries.” - Sebation Gault, December 2, 2013 Published in Alberta Oil Magazine |
| abstract_unstemmed |
In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs) in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minister Stephen Harper explained how the government would approach such decisions in the future, including placing the onus on foreign investors to demonstrate how deals would be of net benefit to Canada, as well as granting the industry minister the discretion to accept or deny proposed deals. Accounting for five per cent of Canadian GDP, $28 billion in government revenue and three per cent of all jobs nationwide, the oil sands are an integral component of Canada’s economy. The sector has long relied on foreign capital to finance projects, meaning that any move to deter outside investment could have profound consequences for the development of this critical economic asset. In this paper, the authors examine the impact of this policy change by measuring the stock returns of firms operating in the oil sands. Employing an event study analysis, they find empirical evidence that the government’s policy change has resulted in the material destruction of shareholder wealth, particularly in the case of the smaller oil companies. What is more, given the composition of the global oil industry has changed to one where SOEs dominate both reserves and production, is this a policy Canada can afford in the long term? “When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.” - Prime Minister Stephen Harper, December 7, 2012 “…going forward, the [industry] minister will find the acquisition of control of a Canadian oil-sands business by a state-owned enterprise to be of net benefit, only in an exceptional circumstance.” - Prime Minister Stephen Harper, December 7, 2012 “A year after the new Investment Canada Act rules were announced in December 2012, investment dollars from state-owned enterprises have essentially stopped flowing into the bitumen extraction business. Energy-directed foreign direct investment – of which SOEs play an important role – fell off a cliff in 2013, declining 92 per cent year-to-year from $27 billion to $2 billion. These are very worrisome statistics for a nation highly dependent on foreign investment to fund its capital-intensive resource industries.” - Sebation Gault, December 2, 2013 Published in Alberta Oil Magazine |
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The Impact of Foreign Investment Restrictions on the Stock Returns of Oil Sands Companies |
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