The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns

Authors : Ayşegül UÇKUN ÖZKAN

Pages : 217-240

Doi:10.17233/sosyoekonomi.2023.02.11

View : 20 | Download : 12

Publication Date : 2023-04-28

Article Type : Research Paper

Abstract :This study empirically examines how fluctuations in oil prices affect the stock returns of clean energy and oil and gas companies between 2001:01 and 2022:06. Our results show that a negative oil supply shock affects the stock returns of clean energy companies positively. In contrast, an oil-specific demand shock negatively affects them. The findings also reveal that an increase in oil prices owing to an oil-specific demand shock tends not to improve the stock returns of oil and gas companies. Consequently, the results indicate that oil and clean energy are not alternatives.
Keywords : Petrol Fiyat Şokları, İkame Etkisi, Temiz Enerji Hisse Senedi Getirileri, Petrol ve Gaz Hisse Senedi Getirileri, Yapısal VAR