Axel Pierru

King Abdullah Petroleum Studies and Research Center (KAPSARC)

Research Fellow

Riyadh, Central Province

Saudi Arabia

http://www.kapsarc.org/

SCHOLARLY PAPERS

30

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CITATIONS
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SSRN RANKINGS

Top 45,209

in Total Papers Citations

3

Scholarly Papers (30)

1.

Capital Budgeting and Cost of Capital: A Unique Formulation of the Main Investment Decision Methods

WP EFMA Athens 2000
Number of pages: 12 Posted: 22 Jun 2000 Last Revised: 28 May 2012
Axel Pierru and Denis Babusiaux
King Abdullah Petroleum Studies and Research Center (KAPSARC) and Institut Francais du Petrole (IFP)
Downloads 3,552 (1,743)

Abstract:

Capital Budgeting, Cost of Capital, WACC, NPV, IRR, APV

2.

The Impact of Oil Price Volatility on Welfare in the Kingdom of Saudi Arabia: Implications for Public Investment Decision-Making

USAEE Working Paper No. 2110172
Number of pages: 22 Posted: 16 Jul 2012 Last Revised: 26 Mar 2014
Axel Pierru and Walid Matar
King Abdullah Petroleum Studies and Research Center (KAPSARC) and King Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 423 (42,601)

Abstract:

3.
Downloads 339 ( 68,562)
Citation 1

An Introduction to Oil Market Volatility Analysis

USAEE Working Paper No. 12-152
Number of pages: 33 Posted: 28 Dec 2012
King Abdullah Petroleum Studies and Research Center (KAPSARC), Saudi Aramco, IndependentKing Abdullah Petroleum Studies and Research Center (KAPSARC) and King Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 338 (68,202)
Citation 1

Abstract:

An Introduction to Oil Market Volatility Analysis

OPEC Energy Review, Vol. 37, Issue 3, pp. 247-269, 2013
Number of pages: 23 Posted: 11 Sep 2013
King Abdullah Petroleum Studies and Research Center (KAPSARC), King Abdullah Petroleum Studies and Research Center (KAPSARC), IndependentKing Abdullah Petroleum Studies and Research Center (KAPSARC) and King Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 1 (549,098)
Citation 1

Abstract:

4.

Modeling the Saudi Energy Economy and Its Administered Components: The KAPSARC Energy Model

USAEE Working Paper No. 13-150
Number of pages: 32 Posted: 24 Oct 2013 Last Revised: 09 Dec 2014
King Abdullah Petroleum Studies and Research Center (KAPSARC), Temple University - Department of Marketing and Supply Chain Management, King Abdullah Petroleum Studies and Research Center (KAPSARC) and King Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 258 (63,223)

Abstract:

5.

Examining the Role of Financial Investors and Speculation in Oil Markets

Journal of Alternative Investments, Vol. 14, No. 1, 2011
Number of pages: 19 Posted: 27 May 2012
King Abdullah Petroleum Studies and Research Center (KAPSARC), Institut Francais du Petrole (IFP) and affiliation not provided to SSRN
Downloads 172 (134,333)
Citation 1

Abstract:

specualtion, oil, inventories

Lowering Saudi Arabia's Fuel Consumption and Energy System Costs Without Increasing End Consumer Prices

KAPSARC Discussion Paper 2014-2, Fox School of Business Research Paper No. 15-039
Number of pages: 35 Posted: 31 Mar 2014 Last Revised: 31 Dec 2016
King Abdullah Petroleum Studies and Research Center (KAPSARC), Temple University - Department of Marketing and Supply Chain Management, King Abdullah Petroleum Studies and Research Center (KAPSARC) and King Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 69 (269,012)

Abstract:

Saudi Arabia, Power, Oil, MCP, MPEC

Lowering Saudi Arabia's Fuel Consumption and Energy System Costs Without Increasing End Consumer Prices

USAEE Working Paper No. 14-166
Number of pages: 20 Posted: 19 Jul 2014
King Abdullah Petroleum Studies and Research Center (KAPSARC), Temple University - Department of Marketing and Supply Chain Management, King Abdullah Petroleum Studies and Research Center (KAPSARC) and King Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 54 (305,780)

Abstract:

Saudi Arabia, power, oil, subsidies, modeling, MPEC

Financing and Valuation of a Marginal Project by a Firm Facing Various Tax Rates

Frontiers in Finance and Economics, Vol. 5, No. 2, pp. 56-71, 2008
Number of pages: 15 Posted: 27 Jan 2010
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 105 (205,708)
Citation 1

Abstract:

Interest Tax Shields, Adjusted Present Value, WACC, Debt Allocation, Debt Ratio

Financing and Valuation of a Marginal Project by a Firm Facing Various Tax Rates

Frontiers in Finance and Economics, Vol. 5, No. 2, pp. 56-71, 2008
Posted: 31 Aug 2009
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

APV, WACC, debt ratio, NPV, interest tax shield

8.

Speculation Without Oil Stockpiling as a Signature: A Dynamic Perspective

MIT CEEPR Working Paper No. 2010-004
Number of pages: 16 Posted: 13 Apr 2010
Axel Pierru and Denis Babusiaux
King Abdullah Petroleum Studies and Research Center (KAPSARC) and Institut Francais du Petrole (IFP)
Downloads 63 (270,291)

Abstract:

Speculation, oil, elasticity, futures, inventories, demand

9.

A Simple Approach to Valuing a Multinational Firm's Tax Shields

Number of pages: 20 Posted: 16 Sep 2013 Last Revised: 30 Sep 2013
Axel Pierru and Tarek N. Atalla
King Abdullah Petroleum Studies and Research Center (KAPSARC) and IndependentKing Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 37 (326,637)

Abstract:

Tax shields, Multinational firm, Financial leverage, Corporate tax rate, APV shields valuation

10.

Effects of the Uncertainty about Global Economic Recovery on Energy Transition and CO2 Price

MIT CEEPR Working Paper No. 2011-005
Number of pages: 28 Posted: 27 May 2012
King Abdullah Petroleum Studies and Research Center (KAPSARC), Catholic University of Louvain (UCL) and Catholic University of Louvain (UCL) - Center for Operations Research and Econometrics (CORE)
Downloads 30 (366,394)

Abstract:

CO2 price, uncertainty, economic growth, energy transition, environmental policy, general equilibrium

11.

Does Disagreement Among Oil Price Forecasters Reflect Volatility? Evidence from the ECB Surveys

USAEE Research Paper Series No. 14-162
Number of pages: 38 Posted: 18 Apr 2014
Tarek N. Atalla, Frederick Joutz and Axel Pierru
IndependentKing Abdullah Petroleum Studies and Research Center (KAPSARC), George Washington University and King Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 24 (362,638)

Abstract:

12.

Valuation of Investment Projects by an International Oil Company: A New Proof of a Straightforward, Rigorous Method

OPEC Energy Review, Vol. 32, No. 3, pp. 197-214, September 2008
Number of pages: 18 Posted: 03 Nov 2008
Axel Pierru and Denis Babusiaux
King Abdullah Petroleum Studies and Research Center (KAPSARC) and Institut Francais du Petrole (IFP)
Downloads 1 (521,842)

Abstract:

13.

The Prospects for Coal-Fired Power Generation in Saudi Arabia

Number of pages: 28 Posted: 19 Mar 2016
Walid Matar, Rodrigo Echeverri and Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC), Independent and King Abdullah Petroleum Studies and Research Center (KAPSARC)
Downloads 0 (382,007)

Abstract:

coal, Saudi Arabia, energy, electricity

14.

Capital Structure in LNG Infrastructures and Gas Pipelines Projects: Empirical Evidences and Methodological Issues

2013, Energy Policy, Vol. 61, p. 285-291
Posted: 18 Sep 2013
King Abdullah Petroleum Studies and Research Center (KAPSARC), SINTEF and Independent

Abstract:

project finance, gas, debt ratio, equity ownership, energy

15.

The Simple Meaning of Complex Rates of Return

The Engineering Economist, Vol. 55, No. 2, pp. 105-117, 2010
Posted: 16 Jul 2010
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

Interest Rate, IRR, NPV, Complex Plane, Imaginary Unit, Debt Ratio, Portfolio

16.

Uncertain Long-Run Emissions Targets, CO2 Price and Global Energy Transition: A General Equilibrium Approach

Energy Policy, Vol. 38, No. 9, pp. 5108-5122, 2010
Posted: 16 Jul 2010
Catholic University of Louvain (UCL), Catholic University of Louvain (UCL) - Center for Operations Research and Econometrics (CORE) and King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

CO2 Price, Uncertainty, Climatic Change, Energy Transition, Environmental Policy, General Equilibrium

17.

Breaking Down a Long-Run Marginal Cost of an LP Investment Model into a Marginal Operating Cost and a Marginal Equivalent Investment Cost

The Engineering Economist, Vol. 49, No. 4, pp. 307-326, 2004
Posted: 31 Mar 2010
Denis Babusiaux and Axel Pierru
Institut Francais du Petrole (IFP) and King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

linear programming, marginal cost, long-run, duality

18.

WACC and Free Cash Flows: A Simple Adjustment for Capitalized Interest Costs

Quarterly Review of Economics and Finance, Vol. 50, No. 2, 2010
Posted: 31 Mar 2010
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

capitalized interest, WACC, APV, interest tax shield, capitalization

19.

Allocating the CO2 Emissions of an Oil Refinery with Aumann-Shapley Prices: A Reply

Energy Economics, Vol. 32, No. 3, 2010
Posted: 31 Mar 2010
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

Aumann-Shapley price, Linear programming, CO2 emissions, Oil refining, Marginal cost

20.

Discount Rate Value and Cash Flow Definition: A New Relationship and Its Implications

The Engineering Economist, Vol.47, Issue 1, pp. 60-74, 2002
Posted: 22 Dec 2009
Elisabeth Feuillet-Midrier and Axel Pierru
Institut Francais du Petrole (IFP) and King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

WACC, equity residual, BTWACC, debt ratio, NPV

21.

Modelling and Allocation of CO2 Emissions in a Multiproduct Industry: The Case of Oil Refining

Applied Energy, Vol. 84, No. 7-8, pp. 828-841, 2007.
Posted: 12 Dec 2009 Last Revised: 21 Feb 2014
Denis Babusiaux and Axel Pierru
Institut Francais du Petrole (IFP) and King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

Aumann, Shapley, Ramsey pricing, oil refining, cost allocation

22.

Capital Budgeting, Investment Project Valuation and Financing Mix: Methodological Proposals

European Journal of Operational Research, Vol. 135, pp. 326-337, 2001
Posted: 08 Dec 2009
Denis Babusiaux and Axel Pierru
Institut Francais du Petrole (IFP) and King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

interest tax shields, WACC, debt allocation, debt ratio, NPV

23.

Loan Subsidy Valuation: An Alternative Approach

The Engineering Economist, Vol. 51, No. 3, pp. 297-306, 2006
Posted: 08 Dec 2009
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

WACC, subsidized loan, subsidy, debt ratio, project valuation

24.

Adjustment of the Standard WACC Method to Subsidized Loans: A Clarification

Estudios de Economia Aplicada, Vol. 25, No. 1, 2007
Posted: 08 Dec 2009
Denis Babusiaux and Axel Pierru
Institut Francais du Petrole (IFP) and King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

WACC, subsidized loan, subsidy, project valuation, capital budgeting

25.

'The Weighted Average Cost of Capital is Not Quite Right': A Comment

Quarterly Review of Economics and Finance, Vol. 49, No. 3, 2009
Posted: 05 Dec 2009
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

WACC, Cost of capital, Debt ratio, Leverage ratio, NPV

26.

Allocating the CO2 Emissions of an Oil Refinery with Aumann-Shapley Prices

Energy Economics, Vol. 29, No. 3, 2007
Posted: 04 Dec 2009
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

Aumann-Shapley, oil refining, linear programming, LCA, CO2

27.

'The Weighted Average Cost of Capital is Not Quite Right': A Rejoinder

Quarterly Review of Economics and Finance, Vol. 49, No. 4, 2009
Posted: 04 Dec 2009
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

WACC, APV, Cost of capital, Debt ratio, Cost of equity

28.

Investment Project Valuation : A New Equity Perspective

The Engineering Economist, Vol. 54, No. 2, 101-108, 2009
Posted: 04 Dec 2009
Denis Babusiaux and Axel Pierru
Institut Francais du Petrole (IFP) and King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

WACC, Equity Residual, debt ratio, net present value, internal rate of return

29.

Allocating the Value of an Open-Loop Optimal Control Problem between Its State Variables

Optimal Control Applications and Methods, Vol. 30, pp, 209-216, 2009
Posted: 01 Sep 2009
Damien Gaumont and Axel Pierru
Université Paris II Pantheon-Assas and King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

open-loop optimal control, scale elasticity, value sharing, economics

30.

Short-Run and Long-Run Marginal Costs of Joint Products in Linear Programming

Louvain Economic Review / Recherches Economiques de Louvain, Vol. 73, No. 2, pp. 153-171, 2007
Posted: 21 Feb 2009
Axel Pierru
King Abdullah Petroleum Studies and Research Center (KAPSARC)

Abstract:

microeconomics, marginal cost, linear programming, degeneracy