Bård Misund


Handelshøgskolen ved UiS
Avdeling for samfunnsøkonomi og finans
EOJ 230



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.



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



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.


Teaching interests


·Financial Statement Analysis

·Derivatives and Risk Management



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.