کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5064122 | 1476707 | 2016 | 14 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Oil price shocks, competition, and oil & gas stock returns - Global evidence Oil price shocks, competition, and oil & gas stock returns - Global evidence](/preview/png/5064122.png)
- Macroeconomic stress negatively impact firm-level returns
- Oil price shocks positively impact firm-level returns
- Country-level determinants affect firm-level stock return
- Firms located in non-competitive industries are less sensitive to oil price shocks
- Firms located in non-competitive industries are less sensitive to drop in oil price
Extant literature suggests that oil price shocks have a strong impact on the macroeconomy and the stock market. However, relatively less is known about the effect of country-level determinants, competition, and asymmetrical relationship in affecting the oil & gas stock return at the firm-level. Using a comprehensive firm-level monthly data from 70 countries spanning 1983 to 2014, we find: (i) macroeconomic stress negatively impact firm-level returns; (ii) oil price shocks positively impact firm-level returns; (iii) firms located in high oil producing countries are more sensitive to global uncertainty and oil price shocks; (iv) firms located in non-competitive industries are less sensitive to oil price shocks; and (v) firms located in non-competitive industries are less affected by the drop in oil price, as compared to firms that are located in highly competitive industries. Our results remain qualitatively similar using a battery of robustness checks.
Journal: Energy Economics - Volume 57, June 2016, Pages 140-153