Asymmetric effects of oil shocks on stock market returns in Saudi Arabia: evidence from industry level analysis
Sunil K. Mohanty (),
Joseph Onochie () and
Abdulrahman F. Alshehri ()
Additional contact information
Sunil K. Mohanty: City University of New York (CUNY)
Joseph Onochie: City University of New York (CUNY)
Abdulrahman F. Alshehri: King Khalid University
Review of Quantitative Finance and Accounting, 2018, vol. 51, issue 3, 595-619
Abstract We examine the impact of oil price shocks on stock market returns in Saudi Arabia using the country-level as well as the industry-level stock market data. We find that the relation between changes in oil prices and equity returns is positive and significant at the country-level and at the industry level. Our results show that oil prices have asymmetric effects on equity returns for 4 out of 15 industrial sectors (e.g., hotel and tourism, insurance, multi-investment, and petrochemicals). These results have significant implications for investors, portfolio managers, policymakers, and corporate finance managers.
Keywords: Oil price; Stock returns; Saudi Arabian stock market (search for similar items in EconPapers)
JEL-codes: G10 C32 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://link.springer.com/10.1007/s11156-017-0682-5 Abstract (text/html)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:kap:rqfnac:v:51:y:2018:i:3:d:10.1007_s11156-017-0682-5
Ordering information: This journal article can be ordered from
Access Statistics for this article
Review of Quantitative Finance and Accounting is currently edited by Cheng-Few Lee
More articles in Review of Quantitative Finance and Accounting from Springer
Bibliographic data for series maintained by Sonal Shukla ().