Austin, Duncan, and Amanda Sauer. "Changing Oil: Emerging Environmental Risks and Shareholder Value in the Oil and Gas Industry." World Resources Institute, June 2002.

Use scenario and DCF analysis to examine the potential impact of climate policies and restricted access to reserve on global oil and gas companies. Finds that shareholder value could be impacted by 10% or more for some companies, although potential impact varies widely. Notes that "few companies have disclosed the degree to which they are financially exposed to these issues, and no company has attempted to quantify the implications for its shareholders." (The methodology of this paper is quite similar to Repetto and Austin (2000), which won the 2000 Moskowitz Prize).