Assessment of risk in a minerals industry: Canadian nickel |
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Authors: | Robert D Cairns |
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Institution: | Centre for the Study of Regulated Industries, McGill University, Stephen Leacock Building, Room 321, 855 Sherbrooke Street West, Montreal, Canada H3A 2T7 |
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Abstract: | The level of rents attributable to natural resource producers depends on the risk faced by those producers. This paper argues that estimates of risk in mining should control for characteristics of firms such as diversification and debt financing. The capital asset pricing model is applied to securities of three Canadian nickel mining firms over the period 1961–1974. It is concluded that the level of risk was not unusually high. |
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Keywords: | Nickel Investment return Canada |
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