Abstract
This study analyses the dynamic impacts of oil price changes on clean energy companies' stock returns by applying a connectedness network approach based on evidence from the European perspective. The results suggest that although changes in crude oil prices and clean energy stocks returns move towards the same direction, oil returns mainly act as a net information receiver in the crude oil-clean energy nexus system. The dynamic results suggest that information interdependence for crude oil returns and clean energy companies' returns remains at a relatively high level regardless of time variation. Moreover, there is obvious asymmetry in information connectedness for oil and clean energy companies’ returns, which shows the apparent leverage effect and suggests that the impact of bad news on information connectedness is greater than that of good news. These findings can provide micro insights for new energy policy makers and market participants in clean energy industries.
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