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The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns

Year 2023, Volume: 31 Issue: 56, 217 - 240, 28.04.2023

Ayşegül Uçkun Özkan

https://doi.org/10.17233/sosyoekonomi.2023.02.11
Cited By: 1

Abstract

This study empirically examines how fluctuations in oil prices affect the stock returns of clean energy and oil and gas companies between 2001:01 and 2022:06. Our results show that a negative oil supply shock affects the stock returns of clean energy companies positively. In contrast, an oil-specific demand shock negatively affects them. The findings also reveal that an increase in oil prices owing to an oil-specific demand shock tends not to improve the stock returns of oil and gas companies. Consequently, the results indicate that oil and clean energy are not alternatives.

Keywords

Oil Price Shocks Substitution Effect Clean Energy Stock Returns Oil and Gas Stock Returns The Structural VAR

References

  • Abiyev, V. et al. (2015), “The effects of oil price shocks on transitional dynamics of Turkish business cycle”, Sosyoekonomi, 23(25), 149-160.
  • Alquist, R. & L. Kilian (2010), “What do we learn from the price of crude oil futures?”, Journal of Applied Econometrics, 25(4), 539-573.
  • Aziz, M.I.A. & N.A. Bakar (2013), “Oil price fluctuations and changing comparative advantage”, Sosyoekonomi, 20(20), 108-130.
  • Balke, N.S. et al. (2002), “Oil price shocks and the US economy: Where does the asymmetry originate?”, Energy Journal, 23(3), 27-52.
  • Baumeister, C. & P. Guérin (2020), “A Comparison of Monthly Global Indicators for Forecasting Growth”, NBER Working Papers No. 28014.
  • Baumeister, C. et al. (2020), “Energy Markets and Global Economic Conditions”, NBER Working Paper No. 27001.
  • Birol, F. (2022), “A Call to Clean Energy”, in: G. Bhatt (ed.), The Scramble for Energy (4-7), International Monetary Fund, 59(4).
  • BP (2022), Statistical Review of World Energy 2022, BP Publishing.
  • Charfeddine, L. & K. Barkat (2020), “Short- and long-run asymmetric effect of oil prices and oil and gas revenues on the real GDP and economic diversification in oil-dependent economy”, Energy Economics, 86(104680), 1-15.
  • Cunado, J. & F.P. de Gracia (2014), “Oil price shocks and stock market returns: Evidence for some European countries”, Energy Economics, 42, 365-377.
  • Davig, T. et al. (2015), “Evaluating a year of oil price volatility”, Economic Review, QIII, 5-30.
  • Demirer, R. et al. (2020), “Oil price shocks, global financial markets, and their connectedness”, Energy Economics, 88(104771), 1-11.
  • Desilver, D. (2020), Renewable Energy is Growing Fast in the U.S., but Fossil Fuels Still Dominate, Pew Research Center, <https://www.pewresearch.org/>, 31.10.2022.
  • Diaz, E.L. & F.P. de Gracia (2017), “Oil price shocks and stock returns of oil and gas corporations”, Finance Research Letters, 20, 75-80.
  • EIA (2022), Energy and the Environment Explained: Where Greenhouse Gases Come from, Energy Information Administration.
  • EIA (2023), What Drives Crude Oil Prices?, Energy Information Administration.
  • Enerdata (2022), Share of Renewables in Electricity Production, <https://yearbook.enerdata.net/renewables/renewable-in-electricity-production-share.html>, 25.03.2022.
  • Filis, G. et al. (2011), “Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries”, International Review of Financial Analysis, 20(3), 152-164.
  • Fu, Z. et al. (2022), “The role of financial stress, oil, gold, and natural gas prices on clean energy stocks: Global evidence from extreme quantile approach”, Resources Policy, 78(102860), 1-9.
  • Ghabri, Y. et al. (2021), “Fossil energy and clean energy stock markets under COVID-19 pandemic”, Applied Economics, 53(43), 4962-4974.
  • Ghosh, S. & K. Kanjilal (2016), “Co-movement of international crude oil price and Indian stock market: Evidences from nonlinear cointegration tests”, Energy Economics, 53, 111-117.
  • Gollakota, A.R.K. & C.M. Shu (2022), “Covid-19 and energy sector - Unique opportunity for switching to clean energy”, Gondwana Research, Epub ahead of print.
  • Gupta, K. (2016), “Oil price shocks, competition, and oil & gas stock returns - Global evidence”, Energy Economics, 57, 140-153.
  • Hamilton, J.D. (1983), “Oil and the macroeconomy since World War II”, Journal of Political Economy, 91(2), 228-248.
  • Hamilton, J.D. (2003), “What is an oil shock?”, Journal of Econometrics, 113, 363-398.
  • Hamilton, J.D. (2019), “Measuring global economic activity”, NBER Working Paper Series No. 25778.
  • Hareesh Kumar, C. (2021), Are Oil and Gas Companies Serious About the Renewable Energy Transition? Here’s What the Evidence Says, REN21, <https://www.ren21.net/oil-and-gas-companies-renewable-energy-transition/>, 6.11.2022.
  • Hasanov, F.J. & L. Dagher (2021), “Oil market shocks and financial instability in Asian countries”, Discussion Papers, King Abdullah Petroleum Studies and Research Center.
  • Hashmi, S.M. et al. (2021), “Asymmetric effect of oil prices on stock market prices: New evidence from oil-exporting and oil-importing countries”, Resources Policy, 70(101946), 1-9.
  • Henriques, I. & P. Sadorsky (2008), “Oil prices and the stock prices of alternative energy companies”, Energy Economics, 30(3), 998-1010.
  • IEA (2020), Green Stimulus After the 2008 Crisis, <https://www.iea.org/articles/green-stimulus-after-the-2008-crisis>, 17.02.2022.
  • IEA (2021a), Net Zero by 2050- A Roadmap for the Global Energy Sector, International Energy Agency.
  • IEA (2021b), Renewables 2021: Analysis and Forecast to 2026, International Energy Agency.
  • Inchauspe, J. et al. (2015), “The dynamics of returns on renewable energy companies: A state-space approach”, Energy Economics, 48, 325-335.
  • IPCC (2018), “Summary for Policymakers”, in: Global Warming of 1.5°C (3-24), Cambridge University Press.
  • IRENA (2021), Renewable Capacity Statistics 2021, International Renewable Energy Agency.
  • Jadidzadeh, A. & A. Serletis (2017), “How does the U.S. natural gas market react to demand and supply shocks in the crude oil market?”, Energy Economics, 63, 66-74.
  • Jiang, W. & Y. Liu (2021), “The asymmetric effect of crude oil prices on stock prices in major international financial markets”, North American Journal of Economics and Finance, 56(101357), 1-15.
  • Kang, W. et al. (2017), “Oil price shocks, policy uncertainty, and stock returns of oil and gas corporations”, Journal of International Money and Finance, 70, 344-359.
  • Kielmann, J. et al. (2022), “Stock market returns and oil price shocks: A CoVaR analysis based on dynamic vine copula models”, Empirical Economics, 62, 1543-1574.
  • Kilian, L. & C. Park (2009), “The impact of oil price shocks on the US stock market”, International Economic Review, 50(4), 1267-1287.
  • Kilian, L. & R.J. Vigfusson (2011), “Are the responses of the US economy asymmetric in energy price increases and decreases?”, Quantitative Economics, 2, 419-453.
  • Kilian, L. (2008a), “A comparison of the effects of exogenous oil supply shocks on output and inflation in the G7 countries”, Journal of the European Economic Association, 6(1), 78-121.
  • Kilian, L. (2008b), “Exogenous oil supply shocks: How big are they and how much do they matter for the US economy?”, The Review of Economics and Statistics, 90(2), 216-240.
  • Kilian, L. (2009), “Not all oil price shocks are alike: Disentangling demand and supply shocks in the crude oil market”, The American Economic Review, 99(3), 1053-1069.
  • Kilian, L. (2019), “Measuring global real economic activity: Do recent critiques hold up to scrutiny?”, Economics Letters, 178, 106-110.
  • Kocaarslan, B. et al. (2020), “The asymmetric impact of oil prices, interest rates and oil price uncertainty on unemployment in the US”, Energy Economics, 86(104625), 1-11.
  • Lin, D. et al. (2022), Estimating the Date of Earth Overshoot Day 2022, Global Footprint Network.
  • Ma, R.R. et al. (2021), “The Russia-Saudi Arabia oil price war during the COVID-19 pandemic”, Energy Economics, 102(105517), 1-12.
  • Maghyereh, A. & H. Abdoh (2021), “The impact of extreme structural oil-price shocks on clean energy and oil stocks”, Energy, 225(120209), 1-14.
  • Managi, S. & T. Okimoto (2013), “Does the price of oil interact with clean energy prices in the stock market?”, Japan and the World Economy, 27, 1-9.
  • Mokni, K. (2020), “Time-varying effect of oil price shocks on the stock market returns: Evidence from oil-importing and oil-exporting countries”, Energy Reports, 6, 605-619.
  • OECD (2020), The Impact of Coronavirus (COVID-19) and the Global Oil Price Shock on the Fiscal Position of Oil-Exporting Developing Countries, Organization for Economic Co-operation and Development.
  • Park, J. & R.A. Ratti (2008), “Oil price shocks and stock markets in the US and 13 European countries”, Energy Economics, 30(5), 2587-2608.
  • Pfeifer, S. (2022), The Impact of Russia’s Invasion of Ukraine for the Energy Transition, IIGCC, <https://www.iigcc.org/news/the-impact-of-russias-invasion-of-ukraine-for-the-energy-transition/>, 15.09.2022.
  • Pham, L. (2019), “Do all clean energy stocks respond homogeneously to oil price?”, Energy Economics, 81, 355-379.
  • Ready, R.C. (2018), “Oil prices and the stock market”, Review of Finance, 22, 155-176.
  • Ross, S. (2022), What are the Main Substitutes for Oil and Gas Energy?, <https://www.investopedia.com/>, 15.09.2022.
  • Salisu, A.A. et al. (2021), “Mixed-frequency forecasting of crude oil volatility based on the information content of global economic conditions”, Journal of Forecasting, 41(1), 134-157.
  • Solactive (2022), WilderHill New Energy Global Innovation Index (USD), <https://www.solactive.com/indices/?index=US96811Y1029#composition>, 26.08.2022.
  • Tuna, V.E. et al. (2021), “The effect of oil market shocks on the stock markets: time-varying asymmetric causal relationship for conventional and Islamic stock markets”, Energy Reports, 7, 2759-2774.
  • Uçkun, A. (2016), “The Impact of the Shale Gas Revolution to the Russia-EU Energy Dialogue: Is the Balance of Power Changing?”, in: H. Arslan et al. (eds.), Contemporary Approaches in Humanities (39-50), Peter Lang Edition.
  • Urom et al. (2022), “Directional predictability and time-frequency spillovers among clean energy sectors and oil price uncertainty”, Quarterly Review of Economics and Finance, 85, 326-341.
  • Venditti, F. & G.F. Veronese (2020), “Global financial markets, and oil price shocks in real time”, ECB Working Paper No. 2472, European Central Bank.
  • Victor, D.G. & K. Yanosek (2011), “The crisis in clean energy: Stark realities of the renewables craze”, Foreign Affairs, 90(4), 112-120.
  • Wan, D. et al. (2021), “The impact of investor attention during COVID-19 on investment in clean energy versus fossil fuel firms”, Finance Research Letters, 43(101955), 1-6.
  • Wang, Y. et al. (2014), “Oil price shocks and agricultural commodity prices”, Energy Economics, 4, 22-35.
  • WilderShares (2018), General Rules and Guidelines to: WilderHill Clean Energy Index (ECO), <https://wildershares.com/>, 26.08.2022.
  • Wong, L.A. (2015), China Economy Grows at Slowest Pace in 24 Years, CNBC, <https://www.cnbc.com/2015/01/19/china-economy-grew-74-in-2014.html>, 02.03.2023.
  • Yergin, D. (1991), The Prize: The Quest for Oil, Money, and Power, First Edition, New York: Simon & Schuster.
  • Zhang, H. et al. (2020), “The impact of oil price shocks on clean energy stocks: Fresh evidence from multi-scale perspective”, Energy, 196(117099), 1-29.
  • Zhao, X. (2020), “Do the stock returns of clean energy corporations respond to oil price shocks and policy uncertainty?”, Journal of Economic Structures, 9(53), 1-16.
  • Zhou, L. & J.B. Geng (2021), “Dynamic effect of structural oil price shocks on new energy stock markets”, Frontiers in Environmental Science, 9(636270), 1-11.
  • Zhu, Z. et al. (2021), “Oil price shocks and stock market anomalies”, Financial Management, 1-40.

Petrol Fiyat Şoklarının Temiz Enerji ile Petrol ve Gaz Şirketlerinin Hisse Senedi Getirilerine Etkileri

Year 2023, Volume: 31 Issue: 56, 217 - 240, 28.04.2023

Ayşegül Uçkun Özkan

https://doi.org/10.17233/sosyoekonomi.2023.02.11
Cited By: 1

Abstract

Bu çalışma, 2001:01 ile 2022:06 yılları arasında petrol fiyatlarındaki dalgalanmaların temiz enerji ile petrol ve gaz şirketlerinin hisse senedi getirilerini nasıl etkilediğini ampirik olarak incelemektedir. Bu çalışmada bulunan sonuçlar, negatif bir petrol arz şokunun temiz enerji şirketlerinin hisse senedi getirilerini pozitif yönde etkilediğini, petrole özgü bir talep şokunun ise negatif yönde etkilediğini göstermektedir. Bulgular ayrıca, petrole özgü talep şoku nedeniyle oluşan petrol fiyatlarındaki artışın, petrol ve gaz şirketlerinin hisse senedi getirisini artırma eğiliminde olmadığını ortaya koymaktadır. Bu nedenle sonuçlar, petrol ve temiz enerjinin birbirinin alternatifi olmadığını göstermektedir.

Keywords

Petrol Fiyat Şokları İkame Etkisi Temiz Enerji Hisse Senedi Getirileri Petrol ve Gaz Hisse Senedi Getirileri Yapısal VAR

References

  • Abiyev, V. et al. (2015), “The effects of oil price shocks on transitional dynamics of Turkish business cycle”, Sosyoekonomi, 23(25), 149-160.
  • Alquist, R. & L. Kilian (2010), “What do we learn from the price of crude oil futures?”, Journal of Applied Econometrics, 25(4), 539-573.
  • Aziz, M.I.A. & N.A. Bakar (2013), “Oil price fluctuations and changing comparative advantage”, Sosyoekonomi, 20(20), 108-130.
  • Balke, N.S. et al. (2002), “Oil price shocks and the US economy: Where does the asymmetry originate?”, Energy Journal, 23(3), 27-52.
  • Baumeister, C. & P. Guérin (2020), “A Comparison of Monthly Global Indicators for Forecasting Growth”, NBER Working Papers No. 28014.
  • Baumeister, C. et al. (2020), “Energy Markets and Global Economic Conditions”, NBER Working Paper No. 27001.
  • Birol, F. (2022), “A Call to Clean Energy”, in: G. Bhatt (ed.), The Scramble for Energy (4-7), International Monetary Fund, 59(4).
  • BP (2022), Statistical Review of World Energy 2022, BP Publishing.
  • Charfeddine, L. & K. Barkat (2020), “Short- and long-run asymmetric effect of oil prices and oil and gas revenues on the real GDP and economic diversification in oil-dependent economy”, Energy Economics, 86(104680), 1-15.
  • Cunado, J. & F.P. de Gracia (2014), “Oil price shocks and stock market returns: Evidence for some European countries”, Energy Economics, 42, 365-377.
  • Davig, T. et al. (2015), “Evaluating a year of oil price volatility”, Economic Review, QIII, 5-30.
  • Demirer, R. et al. (2020), “Oil price shocks, global financial markets, and their connectedness”, Energy Economics, 88(104771), 1-11.
  • Desilver, D. (2020), Renewable Energy is Growing Fast in the U.S., but Fossil Fuels Still Dominate, Pew Research Center, <https://www.pewresearch.org/>, 31.10.2022.
  • Diaz, E.L. & F.P. de Gracia (2017), “Oil price shocks and stock returns of oil and gas corporations”, Finance Research Letters, 20, 75-80.
  • EIA (2022), Energy and the Environment Explained: Where Greenhouse Gases Come from, Energy Information Administration.
  • EIA (2023), What Drives Crude Oil Prices?, Energy Information Administration.
  • Enerdata (2022), Share of Renewables in Electricity Production, <https://yearbook.enerdata.net/renewables/renewable-in-electricity-production-share.html>, 25.03.2022.
  • Filis, G. et al. (2011), “Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries”, International Review of Financial Analysis, 20(3), 152-164.
  • Fu, Z. et al. (2022), “The role of financial stress, oil, gold, and natural gas prices on clean energy stocks: Global evidence from extreme quantile approach”, Resources Policy, 78(102860), 1-9.
  • Ghabri, Y. et al. (2021), “Fossil energy and clean energy stock markets under COVID-19 pandemic”, Applied Economics, 53(43), 4962-4974.
  • Ghosh, S. & K. Kanjilal (2016), “Co-movement of international crude oil price and Indian stock market: Evidences from nonlinear cointegration tests”, Energy Economics, 53, 111-117.
  • Gollakota, A.R.K. & C.M. Shu (2022), “Covid-19 and energy sector - Unique opportunity for switching to clean energy”, Gondwana Research, Epub ahead of print.
  • Gupta, K. (2016), “Oil price shocks, competition, and oil & gas stock returns - Global evidence”, Energy Economics, 57, 140-153.
  • Hamilton, J.D. (1983), “Oil and the macroeconomy since World War II”, Journal of Political Economy, 91(2), 228-248.
  • Hamilton, J.D. (2003), “What is an oil shock?”, Journal of Econometrics, 113, 363-398.
  • Hamilton, J.D. (2019), “Measuring global economic activity”, NBER Working Paper Series No. 25778.
  • Hareesh Kumar, C. (2021), Are Oil and Gas Companies Serious About the Renewable Energy Transition? Here’s What the Evidence Says, REN21, <https://www.ren21.net/oil-and-gas-companies-renewable-energy-transition/>, 6.11.2022.
  • Hasanov, F.J. & L. Dagher (2021), “Oil market shocks and financial instability in Asian countries”, Discussion Papers, King Abdullah Petroleum Studies and Research Center.
  • Hashmi, S.M. et al. (2021), “Asymmetric effect of oil prices on stock market prices: New evidence from oil-exporting and oil-importing countries”, Resources Policy, 70(101946), 1-9.
  • Henriques, I. & P. Sadorsky (2008), “Oil prices and the stock prices of alternative energy companies”, Energy Economics, 30(3), 998-1010.
  • IEA (2020), Green Stimulus After the 2008 Crisis, <https://www.iea.org/articles/green-stimulus-after-the-2008-crisis>, 17.02.2022.
  • IEA (2021a), Net Zero by 2050- A Roadmap for the Global Energy Sector, International Energy Agency.
  • IEA (2021b), Renewables 2021: Analysis and Forecast to 2026, International Energy Agency.
  • Inchauspe, J. et al. (2015), “The dynamics of returns on renewable energy companies: A state-space approach”, Energy Economics, 48, 325-335.
  • IPCC (2018), “Summary for Policymakers”, in: Global Warming of 1.5°C (3-24), Cambridge University Press.
  • IRENA (2021), Renewable Capacity Statistics 2021, International Renewable Energy Agency.
  • Jadidzadeh, A. & A. Serletis (2017), “How does the U.S. natural gas market react to demand and supply shocks in the crude oil market?”, Energy Economics, 63, 66-74.
  • Jiang, W. & Y. Liu (2021), “The asymmetric effect of crude oil prices on stock prices in major international financial markets”, North American Journal of Economics and Finance, 56(101357), 1-15.
  • Kang, W. et al. (2017), “Oil price shocks, policy uncertainty, and stock returns of oil and gas corporations”, Journal of International Money and Finance, 70, 344-359.
  • Kielmann, J. et al. (2022), “Stock market returns and oil price shocks: A CoVaR analysis based on dynamic vine copula models”, Empirical Economics, 62, 1543-1574.
  • Kilian, L. & C. Park (2009), “The impact of oil price shocks on the US stock market”, International Economic Review, 50(4), 1267-1287.
  • Kilian, L. & R.J. Vigfusson (2011), “Are the responses of the US economy asymmetric in energy price increases and decreases?”, Quantitative Economics, 2, 419-453.
  • Kilian, L. (2008a), “A comparison of the effects of exogenous oil supply shocks on output and inflation in the G7 countries”, Journal of the European Economic Association, 6(1), 78-121.
  • Kilian, L. (2008b), “Exogenous oil supply shocks: How big are they and how much do they matter for the US economy?”, The Review of Economics and Statistics, 90(2), 216-240.
  • Kilian, L. (2009), “Not all oil price shocks are alike: Disentangling demand and supply shocks in the crude oil market”, The American Economic Review, 99(3), 1053-1069.
  • Kilian, L. (2019), “Measuring global real economic activity: Do recent critiques hold up to scrutiny?”, Economics Letters, 178, 106-110.
  • Kocaarslan, B. et al. (2020), “The asymmetric impact of oil prices, interest rates and oil price uncertainty on unemployment in the US”, Energy Economics, 86(104625), 1-11.
  • Lin, D. et al. (2022), Estimating the Date of Earth Overshoot Day 2022, Global Footprint Network.
  • Ma, R.R. et al. (2021), “The Russia-Saudi Arabia oil price war during the COVID-19 pandemic”, Energy Economics, 102(105517), 1-12.
  • Maghyereh, A. & H. Abdoh (2021), “The impact of extreme structural oil-price shocks on clean energy and oil stocks”, Energy, 225(120209), 1-14.
  • Managi, S. & T. Okimoto (2013), “Does the price of oil interact with clean energy prices in the stock market?”, Japan and the World Economy, 27, 1-9.
  • Mokni, K. (2020), “Time-varying effect of oil price shocks on the stock market returns: Evidence from oil-importing and oil-exporting countries”, Energy Reports, 6, 605-619.
  • OECD (2020), The Impact of Coronavirus (COVID-19) and the Global Oil Price Shock on the Fiscal Position of Oil-Exporting Developing Countries, Organization for Economic Co-operation and Development.
  • Park, J. & R.A. Ratti (2008), “Oil price shocks and stock markets in the US and 13 European countries”, Energy Economics, 30(5), 2587-2608.
  • Pfeifer, S. (2022), The Impact of Russia’s Invasion of Ukraine for the Energy Transition, IIGCC, <https://www.iigcc.org/news/the-impact-of-russias-invasion-of-ukraine-for-the-energy-transition/>, 15.09.2022.
  • Pham, L. (2019), “Do all clean energy stocks respond homogeneously to oil price?”, Energy Economics, 81, 355-379.
  • Ready, R.C. (2018), “Oil prices and the stock market”, Review of Finance, 22, 155-176.
  • Ross, S. (2022), What are the Main Substitutes for Oil and Gas Energy?, <https://www.investopedia.com/>, 15.09.2022.
  • Salisu, A.A. et al. (2021), “Mixed-frequency forecasting of crude oil volatility based on the information content of global economic conditions”, Journal of Forecasting, 41(1), 134-157.
  • Solactive (2022), WilderHill New Energy Global Innovation Index (USD), <https://www.solactive.com/indices/?index=US96811Y1029#composition>, 26.08.2022.
  • Tuna, V.E. et al. (2021), “The effect of oil market shocks on the stock markets: time-varying asymmetric causal relationship for conventional and Islamic stock markets”, Energy Reports, 7, 2759-2774.
  • Uçkun, A. (2016), “The Impact of the Shale Gas Revolution to the Russia-EU Energy Dialogue: Is the Balance of Power Changing?”, in: H. Arslan et al. (eds.), Contemporary Approaches in Humanities (39-50), Peter Lang Edition.
  • Urom et al. (2022), “Directional predictability and time-frequency spillovers among clean energy sectors and oil price uncertainty”, Quarterly Review of Economics and Finance, 85, 326-341.
  • Venditti, F. & G.F. Veronese (2020), “Global financial markets, and oil price shocks in real time”, ECB Working Paper No. 2472, European Central Bank.
  • Victor, D.G. & K. Yanosek (2011), “The crisis in clean energy: Stark realities of the renewables craze”, Foreign Affairs, 90(4), 112-120.
  • Wan, D. et al. (2021), “The impact of investor attention during COVID-19 on investment in clean energy versus fossil fuel firms”, Finance Research Letters, 43(101955), 1-6.
  • Wang, Y. et al. (2014), “Oil price shocks and agricultural commodity prices”, Energy Economics, 4, 22-35.
  • WilderShares (2018), General Rules and Guidelines to: WilderHill Clean Energy Index (ECO), <https://wildershares.com/>, 26.08.2022.
  • Wong, L.A. (2015), China Economy Grows at Slowest Pace in 24 Years, CNBC, <https://www.cnbc.com/2015/01/19/china-economy-grew-74-in-2014.html>, 02.03.2023.
  • Yergin, D. (1991), The Prize: The Quest for Oil, Money, and Power, First Edition, New York: Simon & Schuster.
  • Zhang, H. et al. (2020), “The impact of oil price shocks on clean energy stocks: Fresh evidence from multi-scale perspective”, Energy, 196(117099), 1-29.
  • Zhao, X. (2020), “Do the stock returns of clean energy corporations respond to oil price shocks and policy uncertainty?”, Journal of Economic Structures, 9(53), 1-16.
  • Zhou, L. & J.B. Geng (2021), “Dynamic effect of structural oil price shocks on new energy stock markets”, Frontiers in Environmental Science, 9(636270), 1-11.
  • Zhu, Z. et al. (2021), “Oil price shocks and stock market anomalies”, Financial Management, 1-40.
There are 74 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Ayşegül Uçkun Özkan 0000-0001-8430-9686

Publication Date April 28, 2023
Submission Date November 10, 2022
Published in Issue Year 2023 Volume: 31 Issue: 56

Cite

APA Uçkun Özkan, A. (2023). The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns. Sosyoekonomi, 31(56), 217-240. https://doi.org/10.17233/sosyoekonomi.2023.02.11
AMA Uçkun Özkan A. The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns. Sosyoekonomi. April 2023;31(56):217-240. doi:10.17233/sosyoekonomi.2023.02.11
Chicago Uçkun Özkan, Ayşegül. “The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns”. Sosyoekonomi 31, no. 56 (April 2023): 217-40. https://doi.org/10.17233/sosyoekonomi.2023.02.11.
EndNote Uçkun Özkan A (April 1, 2023) The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns. Sosyoekonomi 31 56 217–240.
IEEE A. Uçkun Özkan, “The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns”, Sosyoekonomi, vol. 31, no. 56, pp. 217–240, 2023, doi: 10.17233/sosyoekonomi.2023.02.11.
ISNAD Uçkun Özkan, Ayşegül. “The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns”. Sosyoekonomi 31/56 (April 2023), 217-240. https://doi.org/10.17233/sosyoekonomi.2023.02.11.
JAMA Uçkun Özkan A. The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns. Sosyoekonomi. 2023;31:217–240.
MLA Uçkun Özkan, Ayşegül. “The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns”. Sosyoekonomi, vol. 31, no. 56, 2023, pp. 217-40, doi:10.17233/sosyoekonomi.2023.02.11.
Vancouver Uçkun Özkan A. The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns. Sosyoekonomi. 2023;31(56):217-40.

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Dynamic risk connectedness of crude oil price and sustainable investment in the United States: evidence from DCC-GARCH
Environmental Science and Pollution Research
https://doi.org/10.1007/s11356-023-29008-4
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