Abstract
This study aims to identify firm characteristics that affect the cross-firm variation in oil–stock interactions. A panel data analysis with a sample of U.S. and Canadian firms reveals that the stoc...
Highlights
The development of the oil price is one of the macroeconomic factors common to all firms yet heterogeneous in effect
Concluding remarks The effect of oil price movement on stock returns varies across firms, even within the same industry
Motivated by the limitation in literature, I adopt a panel data analysis to identify the firm characteristics associated with variation in the relationships
Summary
The development of the oil price is one of the macroeconomic factors common to all firms yet heterogeneous in effect. This article investigates how changes in the crude oil price affect stock prices at the firm level and whether variation in oil–stock relationships is associated with specific firm characteristics. These questions are worthy of investigation as the impact of oil price move ment is among the issues of utmost relevance to economy and businesses. His research interests cover a broad range of topics, including corpo rate finance, asset pricing, financial intermedia tion, and commodity markets. He has published articles, among others, in Applied Finance Letters, Managerial Finance, and Research in Finance
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