Two Old Oil Sisters, Too Big to Hold Hands?

Article Abstract:

Standard Oil of California's $13.4 billion offer for Gulf Oil makes it the largest corporate takeover in history. Gulf shareholders will earn $80 per share, twice the value of the shares less than a year ago. Formal bids for Gulf were received from Atlantic Richfield (ARCO), Socal and Kohlberg, and Kravis and Roberts, a leveraged-buyout firm. Socal says it is primarily interested in Gulf's 1.9 billion barrels of crude oil reserve. Socal's incurred debt is a heavy burden. Peripheral Gulf assets will likely be sold. The Federal Trade Commission (FTC) will also mandate selling of certain assets for compliance with antitrust laws. Congress may block the sale. The outlook for large oil companies is not optimistic.

Mergers, acquisitions and divestments, Petroleum industry

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Why do so few hold stocks?

Article Abstract:

A study was conducted on factors which could explain the limited incidence of stockholding among US households despite the equity premium and the predictions of econometric models. Of the candidate explanations examined, support was obtained for inertial factors and those relating to well-defined departures from expected-utility maximization. No support was found for indirect stockholding, level of risk aversion, habit persistence, borrowing constraints and belief heterogeneity.

Research, Economic aspects, Stocks, Stockholders

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Fundamental analysis of stocks by two-stage DEA

Article Abstract:

A new two-stage multi-criteria procedure based on techniques of data envelopment analysis for fundamental stock analysis is presented. 30 stocks from the Spanish manufacturing industry in the years 1991-1996 are analyzed using the new method.

Spain, Securities issued, listed, Methods, Manufacturing industry, Manufacturing industries, Securities, Company securities, Investment analysis, Securities analysis

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