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BÅRD MISUND |
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Bård Misund Professor University of Stavanger
Business School |
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Profile Valuation and risk are the
overriding themes for Misund’s research. He has published nearly 30
articles in peer-reviewed scientific journals, as well as numerous op-eds and
letters to the editor, on topics such as valuation of energy and commodity companies,
risk and risk management of commodities, and the pricing of complex projects
and assets. One strand of research examines how firm’s market values
are affected by financial and operational information reported by energy and
commodity industry companies. Another line of research investigates the
behavior of energy and commodity spot and futures prices, and how they impact
companies’ market values and stock returns. Since commodity industries
are characterized by a high level of risk, this work entails dynamic
estimation of volatility, correlation and volatility spillovers, as well as
identifying risk management strategies to deal with market risk (e.g. optimal
hedging strategies). A third research area studies how investment strategies
of commodity companies impact stock valuations. The fourth and final research
thread deals with the taxation of commodity companies, and the impact of
taxation on valuations. Expertise Bård has more than
15 years of industry experience from the energy sector, and from other
commodities industries such as seafood. His areas of expertise include: · Valuation of complex investment projects (incl. real options) · Business and Equity valuation · Financial Statement analysis · Analysis of commodity price behaviour and risk · Risk management (hedging) commodity price risk · Taxation in commodity markets Background After completing his PhD
in Industrial Economics at the University of Stavanger, Bård started as
a Senior Economist in Equinor ASA (formerly
Statoil ASA) working on the valuation of investment projects and long term sales contracts. He was promoted to a Leading
Advisor after 2 years, and a Specialist (advisor) in Valuation after 4 years.
His job was to advise analysts and management on valuation of complexities in
project and business valuation, as well as energy derivatives and assets with
embedded flexibility. Prior to joining Equinor,
Bård worked in other commodities industries (incl. seafood), building
competence in asset valuation, financial analysis, financing, mergers and
acquisition, and IPO's. |
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Teaching
interests ·
Valuation ·
Financial Statement Analysis ·
Derivatives and Risk Management ·
Investments |
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Research areas ·
Business and project
valuation ·
Value-relevance of oil and
gas company financial information ·
Market valuation of oil
and gas companies ·
Taxation in Commodities
industries (resource rent taxation, petroleum taxation) ·
Risk factors affecting the
return on oil and gas companies stocks ·
Commodity price behavior
(cointegration, spot-forward relationship, price discovery, volatility
modeling) ·
Energy and commodity
derivatives Research groups I belong to the following research groups: 1. UiS EREE – Research Group for Energy, Resource and Environmental
Economics (UiS
EREE) 2. UiS Energy Finance – Research Group for Energy Finance at the
University of Stavanger Business School 3. Capital Market Research in Accounting 4. Finance Group at UiS Business School (UiS
Finance) Research
funding My research is funded by the Research Council of Norway (RCN) and
Fiskeri- og havbruksnæringens Forskningsfinansiering (FHF). FHF is 100%
owned by the Norwegian Ministry of Industry and Fisheries. Keywords:
Valuation, Finance, Financial Statement Analysis, Derivatives, Options,
Futures, Forward Contracts, Real Options, Hedging, Risk Management, Gas
Storage, Swing Options, Tolling Agreements, Oil and Gas, Atlantic Salmon,
Salmon Farming, Commodity Markets, Oil Prices, Gas Prices, Electricity
Prices, Salmon Prices, Aquaculture, Volatility, Correlation, Cointegration,
Risk Premium, Convenience Yield, GARCH. |
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