EN
How Do Oil Price Changes Affect German Stock Returns?
Abstract
In this article, the effects of oil price changes on the stock return of 17 German DAX companies are studied from February 1982 to July 2007. By applying panel estimations, we initially identify a nonlinear and asymmetric relationship between oil prices (quoted in US dollar) and the German stock market,which is consistent with a signalling (transmission) channel. Additionally, further evidence is provided for the signalling channel on a disaggregated and daily data base. The results reveal, however, that only certain specific industries are affected by oil price shocks, whereas others remain unaffected. These varying effects of oil price shocks mainly result from the cost- and demand-side dependence on oil that different companies are exposed to
Keywords
Details
Primary Language
English
Subjects
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Journal Section
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Publication Date
March 1, 2015
Submission Date
March 1, 2015
Acceptance Date
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Published in Issue
Year 2015 Volume: 5 Number: 1
APA
Cüppers, L., & Smeets, D. (2015). How Do Oil Price Changes Affect German Stock Returns? International Journal of Energy Economics and Policy, 5(1), 321-334. https://izlik.org/JA22WA67RZ
AMA
1.Cüppers L, Smeets D. How Do Oil Price Changes Affect German Stock Returns? IJEEP. 2015;5(1):321-334. https://izlik.org/JA22WA67RZ
Chicago
Cüppers, Laura, and Dieter Smeets. 2015. “How Do Oil Price Changes Affect German Stock Returns?”. International Journal of Energy Economics and Policy 5 (1): 321-34. https://izlik.org/JA22WA67RZ.
EndNote
Cüppers L, Smeets D (March 1, 2015) How Do Oil Price Changes Affect German Stock Returns? International Journal of Energy Economics and Policy 5 1 321–334.
IEEE
[1]L. Cüppers and D. Smeets, “How Do Oil Price Changes Affect German Stock Returns?”, IJEEP, vol. 5, no. 1, pp. 321–334, Mar. 2015, [Online]. Available: https://izlik.org/JA22WA67RZ
ISNAD
Cüppers, Laura - Smeets, Dieter. “How Do Oil Price Changes Affect German Stock Returns?”. International Journal of Energy Economics and Policy 5/1 (March 1, 2015): 321-334. https://izlik.org/JA22WA67RZ.
JAMA
1.Cüppers L, Smeets D. How Do Oil Price Changes Affect German Stock Returns? IJEEP. 2015;5:321–334.
MLA
Cüppers, Laura, and Dieter Smeets. “How Do Oil Price Changes Affect German Stock Returns?”. International Journal of Energy Economics and Policy, vol. 5, no. 1, Mar. 2015, pp. 321-34, https://izlik.org/JA22WA67RZ.
Vancouver
1.Laura Cüppers, Dieter Smeets. How Do Oil Price Changes Affect German Stock Returns? IJEEP [Internet]. 2015 Mar. 1;5(1):321-34. Available from: https://izlik.org/JA22WA67RZ