The role of higher oil prices: A case of major developed countries

Time-varying correlation between oil and stock market volatilities: Evidence from oil-importing and oil-exporting countries

“…However, some researchers endorse the notion that this fact is relevant only for the oil-importing countries; whereas positive impacts of oil price movements on stock markets holds for the oil-exporting countries (Sadorsky, 2001;El-Sharif et al, 2005;Bashar, 2006;Boyer and Filton, 2007;O'Neill et al, 2008;Mohanty et al, 2011;Mohanty and Nandha, 2011;Arouri and Rault, 2012;Filis and Chatziantoniou, 2013;Wang et al, 2013).…”

Identifying Price Bubble Periods in the Energy Sector

“…*** Nandha and Faff (2008) find that oil price rises have a detrimental effect on stock returns in all sectors except mining and the oil and gas industries. O'Neill et al (2008) find that oil price increases lead to reduced stock returns in the U.S., the United Kingdom and France, while Park and Ratti (2008) report that oil price shocks have a statistically significant negative impact on real stock returns in the U.S. and 12 European oil-importing countries. In new strands in the literature, Kilian and Park (2009) report that only oil price increases driven by precautionary demand for oil negatively affect stock prices.…”

Regime switching model of US crude oil and stock market prices: 1859 to 2013

“…The relevant literature includes the following studies. Kaul and Seyhun (1990), Sadorsky (1999), Hong et al (2002), O'Neil et al (2008) and Park 2 and Ratti (2008) report a negative effect of oil-price volatility on stock prices. Sadorsky (2001) finds, on the contrary, a positive relationship between oil prices and stock returns.…”