The impact of the Russia-Ukraine conflict on energy firms: A capital market perspective

Martin Nerlinger and Sebastian Utz

Finance Research Letters, 2022, vol. 50, issue C

Abstract: We investigate whether the Russia-Ukraine conflict has affected energy firms’ stock prices. Based on a global sample of 1630 energy firms, we conduct an event study around Russia's invasion on February 24, 2022. We find that cumulative average abnormal returns of these firms are positive around the event, i.e., energy firms outperformed the stock market. This outperformance is higher for North American firms than European and Asian ones. Our results provide evidence of energy firm outperformance in those export markets that compete with Russian suppliers of renewables, fossil fuels and uranium, following the Russian-Ukraine invasion.

Keywords: Russia-Ukraine conflict; Energy firms; Event study; Stock prices (search for similar items in EconPapers)
JEL-codes: G14 G15 Q40 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (37)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:50:y:2022:i:c:s1544612322004421

DOI: 10.1016/j.frl.2022.103243

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