Reports on the market reactions to earnings announcements of successful efforts (SE) and full cost (FC) firms in the oil and gas industry. Insight into research design; Differences between SE and FC firms; Research design considerations; Earnings persistence tests.
Compares COMPUSTAT and Value Line databases in terms of financial data and size of firm distribution. COMPUSTAT and Value Line data assimilation policies; Effects of the differences in the two databases on population of firms' inferences; Importance of selecting databases and variables from those databases.