| ID | 094932 |
| Title Proper | Market (in)efficiency in valuing electric utilities |
| Other Title Information | the case of Norwegian generating companies |
| Language | ENG |
| Author | Kjaerland, Frode |
| Publication | 2010. |
| Summary / Abstract (Note) | After deregulation of the energy market in Norway, a number of mergers and acquisitions of hydropower generating companies have taken place. However, valuation of these companies has proved controversial. From an ex-post perspective, there is support for the criticism that generation assets have been sold too cheaply. This article presents a simple valuation model providing evidence of how value has evolved. On the basis of these results, we discuss the valuation from an ex ante perspective and in the light of the market efficiency hypothesis of (Fama, 1970) and (Fama, 1991). |
| `In' analytical Note | Energy Policy Vol. 38, No. 5; May 2010: p.2379-2385 |
| Journal Source | Energy Policy Vol. 38, No. 5; May 2010: p.2379-2385 |
| Key Words | Valuation ; Hydropower ; Market Efficiency |