COVID−19 and oil price risk exposure

Md Akhtaruzzaman, Sabri Boubaker, Mardy Chiah and Angel Zhong

Finance Research Letters, 2021, vol. 42, issue C

Abstract: This study investigates oil price risk exposure of financial and non-financial industries around the world during the COVID–19 pandemic. The empirical results show that oil supply industries benefit from positive shocks to oil price risk in general, whereas oil user industries and financial industries react negatively to positive oil price shocks. The COVID–19 outbreak appears to moderate the oil price risk exposure of both financial and non-financial industries. This brings important implications in risk management of energy risk during the pandemic.

Keywords: COVID–19; Oil price risk; Financial industries; Non-financial industries; Fama-French 5-factor; Risk management (search for similar items in EconPapers)
JEL-codes: G12 G15 G18 G20 G29 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:42:y:2021:i:c:s1544612320316962

DOI: 10.1016/j.frl.2020.101882

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