Oil price shocks and stock market activities: Evidence from oil-importing and oil-exporting countries

- The responses of stock prices differ depending on the net position of a country.
- The responses of stock prices differ depending on the cause of oil price change.
- The explanatory power of oil shocks relies on the importance of oil to the economy.
- The effects of oil price uncertainty are stronger for oil-exporting countries.
- Increases in oil price improve the market comovement of oil-exporting countries.