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dc.contributor.authorDistadio, Luiz Fernando
dc.contributor.authorFerguson, Andrew
dc.date.accessioned2021-11-22T00:38:26Z
dc.date.available2021-11-22T00:38:26Z
dc.date.issued2021
dc.identifier.issn2405-8513en_US
dc.identifier.doi10.1016/j.jcomm.2021.100224en_US
dc.identifier.urihttp://hdl.handle.net/10072/410266
dc.description.abstractWe investigate market reactions to announcements of offtake contractual agreements. Offtake deals occur where a counterparty (offtaker) commits to partially or wholly purchase output from a project in return for technical, operational or financial support. Despite being common in the mining industry internationally, there is little empirical research on this important risk management strategy. Applying cooperative arrangements theory and using an event study approach, we find project sponsors exhibit mean (median) announcement date abnormal returns of 5.87 % (3.29 %). Evidence consistent with the resource pooling and real options explanations are found along with a negative certification effect for deals with financial intermediaries. We interpret this result to be consistent with a bargaining explanation.en_US
dc.languageenen_US
dc.publisherElsevier BVen_US
dc.relation.ispartofjournalJournal of Commodity Marketsen_US
dc.subject.keywordsOfftakeen_US
dc.subject.keywordsStrategic allianceen_US
dc.subject.keywordsEvent studyen_US
dc.subject.keywordsProject financeen_US
dc.subject.keywordsBargainingen_US
dc.titleMine offtake contracting, strategic alliances and the equity marketen_US
dc.typeJournal articleen_US
dcterms.bibliographicCitationDistadio, LF; Ferguson, A, Mine offtake contracting, strategic alliances and the equity market, Journal of Commodity Markets, 2021.en_US
dc.date.updated2021-11-18T05:14:22Z
dc.description.versionAccepted Manuscript (AM)en_US
gro.hasfulltextFull Text
gro.griffith.authorDistadio, L. Fernando F.


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