Petrochemical Products Market and Stock Market Returns: Empirical Evidence from Tehran Stock Exchange

Saeed Shavvalpour (), Hossein Khanjarpanah (), Farhad Zamani () and Armin Jabbarzadeh ()
Additional contact information
Saeed Shavvalpour: School of Progress Engineering, Iran University of Science and Technology, Tehran, Iran.
Hossein Khanjarpanah: School of Industrial Engineering, Iran University of Science and Technology, Tehran, Iran.
Farhad Zamani: School of Progress Engineering, Iran University of Science and Technology, Tehran, Iran.
Armin Jabbarzadeh: School of Industrial Engineering, Iran University of Science and Technology, Tehran, Iran.

Iranian Economic Review (IER), 2017, vol. 21, issue 2, 383-403

Abstract: While the relationship between stock market return and oil price is of great interest to researchers, previous studies do not investigate stock market return with petrochemical products market. In this paper, we analyzed the relationship between prices of main petrochemical products and stock returns of petrochemical companies in Tehran stock exchange. Using a panel data model and GLS estimation method, we investigated the effect of methanol, propane, and urea prices along with financial variables on stock returns of six big petrochemical companies during 2001 to 2013. Results show that although changes in prices of petrochemical products have direct effect on stock returns of all petrochemical companies, this effect is much higher for smaller companies.

Keywords: Petrochemical Products; Stock Market; Panel Data; Tehran Stock Exchange; GLS Estimation. (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
ftp://80.66.179.253/eut/journl/20172-10.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eut:journl:v:21:y:2017:i:2:p:383

Access Statistics for this article

Iranian Economic Review (IER) is currently edited by Dr.Hossien Abbasinejad

More articles in Iranian Economic Review (IER) from Faculty of Economics,University of Tehran.Tehran,Iran Contact information at EDIRC.
Bibliographic data for series maintained by [z.rahimalipour] ().