Psychological Oil Price Barrier and Firm Returns

Paresh Narayan () and Seema Narayan ()

Journal of Behavioral Finance, 2014, vol. 15, issue 4, 318-333

Abstract: In this paper, we investigate the psychological barrier effect induced by the oil price on firm returns when the oil price reaches US$100 or more per barrel. We find evidence of the negative effect of the US$100 oil price barrier for: (a) the entire sample of 1559 firms listed on the American stock exchanges; (b) both foreign and domestic firms, with domestic firms significantly more affected; (c) the 10 different sizes of firms, with the smaller firms less affected compared to the larger firms; and (d) 17 sectors of firms, with firms in the utilities, mining, and administration sectors being the least affected.

Date: 2014
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DOI: 10.1080/15427560.2014.968719

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