The Impact of Oil Prices on Oil-Gas Stock Returns: A Fresh Evidence from the Covid-Affected Countries

Akdeni̇z, Coşkun; Çatık, Abdurrahman Nazif; Kışla, Gül Huyugüzel

doi:10.24818/18423264/55.3.21.14

Cited by 2 publications

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“…Besides, they indicated that the federal fund rate, and monetary and fiscal announcements affect positively all sectors except industrial and energy, whereas COVID-19 negatively impacts most of these indices. Akdeniz et al ( 2021 ) investigated the impact of COVID-19 on oil–gas sectoral indices in France, Italy, Spain, China, the United Kingdom, and the United States. They reported that the oil–gas sector’s market risk affects all countries during the COVID-19 period, and the oil price factor negatively impacts all countries except China.…”

Section: Literature Reviewmentioning

confidence: 99%

The aggregate and sectoral time-varying market efficiency during crisis periods in Turkey: a comparative analysis with COVID-19 outbreak and the global financial crisis

Erer¹,

Erer

Güngör

2023

Financ Innov

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This study aims to examine the time-varying efficiency of the Turkish stock market’s major stock index and eight sectoral indices, including the industrial, financial, service, information technology, basic metals, tourism, real estate investment, and chemical petrol plastic, during the COVID-19 outbreak and the global financial crisis (GFC) within the framework of the adaptive market hypothesis. This study employs multifractal detrended fluctuation analysis to illustrate these sectors’ multifractality and short- and long-term dependence. The results show that all sectoral returns have greater persistence during the COVID-19 outbreak than during the GFC. Second, the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak. Lastly, the fat-tailed distribution has a greater effect on multifractality in these industries. Our results validate the conclusions of the adaptive market hypothesis, according to which arbitrage opportunities vary over time, and contribute to policy formulation for future outbreak-induced economic crises.

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Section: Literature Reviewmentioning

confidence: 99%

The aggregate and sectoral time-varying market efficiency during crisis periods in Turkey: a comparative analysis with COVID-19 outbreak and the global financial crisis

Erer¹,

Erer

Güngör

2023

Financ Innov

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“…Many studies examined in the literature have concluded that the shock in oil prices has a significant impact on the economy (Hamilton, 1983;Burbidge and Harrison, 1984;Gisser and Goodwin, 1986;Bohi, 1991;Mork, 1994;Goldfajn and Werlang, 2000;Hooker, 2002;Hamilton, 2003;Choudhri and Hakura, 2006;Kilian, 2008;Ilhan and Akdeniz, 2020). However, investigating how oil price changes affect financial markets is relatively recent (Catık et al, 2020;Akdeniz et al, 2021;Songur, 2021;Caporale et al, 2022;Kok ve Nazlioglu, 2022).…”

Section: Introductionmentioning

confidence: 99%

Petrol Fiyatlarının Ulaştırma Sektörü Hisse Senedi Getirilerine Etkisi: Türkiye Hisse Senedi Piyasası Örneği

AÇIKGÖZ,

SEZGİN ALP

2023

EPF Journal

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This study examines the impact of crude oil prices on transportation sector stock returns of Turkey. ARDL Bound Test approach is utilized to investigate both long-run and short-run impacts. Research findings show that crude oil prices have an adverse impact on stock returns in short-run since oil is a crucial input for transportation firms. However, in long-run, increasing oil prices enhance stock returns in the sector. This result can be explained by the oligopolistic market structure of the industry. This study also investigated the impact of other factors on stock returns such as macroeconomic activity, aggregate stock market performance, and global economic policy uncertainty. The results imply that transportation sector returns are also highly sensitive to macroeconomic and aggregate stock market performances. Besides its academic contribution to the literature, the findings of this research offer precious practical implications for financial investors, industry stakeholders, and policymakers as well.

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The Impact of Oil Prices on Oil-Gas Stock Returns: A Fresh Evidence from the Covid-Affected Countries

Cited by 2 publications

References 0 publications

The aggregate and sectoral time-varying market efficiency during crisis periods in Turkey: a comparative analysis with COVID-19 outbreak and the global financial crisis

The aggregate and sectoral time-varying market efficiency during crisis periods in Turkey: a comparative analysis with COVID-19 outbreak and the global financial crisis

Petrol Fiyatlarının Ulaştırma Sektörü Hisse Senedi Getirilerine Etkisi: Türkiye Hisse Senedi Piyasası Örneği

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