scholarly journals The Impact of International Oil Prices on the Stock Price Fluctuations of China’s Renewable Energy Enterprises

Energies ◽  
2019 ◽  
Vol 12 (24) ◽  
pp. 4630 ◽  
Author(s):  
Cody Yu-Ling Hsiao ◽  
Weishun Lin ◽  
Xinyang Wei ◽  
Gaoyun Yan ◽  
Siqi Li ◽  
...  
Keyword(s):  
Renewable Energy ◽  
Stock Prices ◽  
Stock Price ◽  
Capital Investment ◽  
Spillover Effect ◽  
Oil Prices ◽  
Listed Companies ◽  
Oil Price ◽  
Price Fluctuations ◽  
The Impact

In order to address a series of issues, including energy security, global warming, and environmental protection, China has ranked first in global renewable investment for the seventh consecutive year. However, developing a renewable energy industry requires a significant capital investment. Also, the international oil price fluctuations have an important impact on the stock prices of renewable energy firms. Thus, in order to provide implications for market investment as well as policy recommendations, this paper studied the spillover effect of international oil prices on the stock prices of China’s renewable energy listed companies. We used a Vector Autoregressive (VAR) model with innovations using a Factor-GARCH (Generalized Autoregressive Conditional Heteroskedasticity) process to evaluate the impact of market co-movements and time-varying volatility and correlation between the international oil price and China’s renewable energy market. The results show that the international oil price has a significant price spillover effect on the stock prices of China’s renewable energy listed companies. Moreover, the fluctuations of international oil prices have an influence on the stock price variations of Chinese renewable energy listed companies.

scholarly journals Do High Oil Prices Obstruct the Transition to Renewable Energy Consumption?

2020 ◽  
Vol 12 (11) ◽  
pp. 4689 ◽  
Author(s):  
Shahriyar Mukhtarov ◽  
Jeyhun I. Mikayilov ◽  
Sugra Humbatova ◽  
Vugar Muradov
Keyword(s):  
Economic Growth ◽  
Renewable Energy ◽  
Energy Consumption ◽  
Negative Impact ◽  
Oil Prices ◽  
Oil Price ◽  
Renewable Energy Consumption ◽  
Long Run ◽  
Carbon Dioxide Co2 ◽  
The Impact

The study analyzes the impact of economic growth, carbon dioxide (CO2) emissions, and oil price on renewable energy consumption in Azerbaijan for the data spanning from 1992 to 2015, utilizing structural time series modeling approach. Estimation results reveal that there is a long-run positive and statistically significant effect of economic growth on renewable energy consumption and a negative impact of oil price in the case of Azerbaijan, for the studied period. The negative impact of oil price on renewable energy consumption can be seen as an indication of comfort brought by the environment of higher oil prices, which delays the transition from conventional energy sources to renewable energy consumption for the studied country case. Also, we find that the effect of CO2 on renewable energy consumption is negative but statistically insignificant. The results of this article might be beneficial for policymakers and support the current literature for further research for oil-rich developing countries.

scholarly journals Interaction between Industrial Policy and Stock Price Volatility：Evidence from China’s Power Market Reform

2018 ◽  
Author(s):  
Ye Fan ◽  
Zhicheng Zhang ◽  
Xiaoli Zhao ◽  
Haitao Yin
Keyword(s):  
Industrial Policy ◽  
Stock Prices ◽  
Stock Price ◽  
Price Volatility ◽  
Power Market ◽  
Green Energy ◽  
Market Reform ◽  
Stock Price Volatility ◽  
Price Fluctuations ◽  
The Impact

China combines green energy and industrial policy in its power market reform with various policy initiatives, including price support scheme for electricity from renewable sources and subsidies in the push for broader use of greener energy. This study focuses on the impacts of power market reform on the stock price volatility of listed power companies: 1) we use the Iterative Cumulative Sums of Squares (ICSS) algorithm to identify structural break points in stock prices; 2) we analyze the characteristics of stock price volatility based on the GARCH model; 3) we report the impact of power regulation on stock price fluctuations based on the Autoregressive Distributed Lag (ARDL) model. The result suggests three structural breaks in China’s power stock price volatility were related to the promulgation of power market reform policies. We find that industrial policies promote the reduction of power stock price fluctuations and its impact on power stock price volatility is consistent in the long run. However, our study also indicates the recent policies related to renewable energy do not have a very significant impact on the power stock market.

scholarly journals Oil price fluctuations and economic growth: the case of MENA countries

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mamdouh Abdelmoula Mohamed Abdelsalam
Keyword(s):  
Economic Growth ◽  
Linear Models ◽  
Oil Prices ◽  
Oil Price ◽  
Price Changes ◽  
Content Type ◽  
Price Fluctuations ◽  
Mena Countries ◽  
Negative Effect ◽  
The Impact

Purpose This paper aims to explore the extreme effect of crude oil price fluctuations and its volatility on the economic growth of Middle East and North Africa (MENA) countries. It also investigates the asymmetric and dynamic relationship between oil price and economic growth. Further, a separate analysis for each MENA oil-export and oil-import countries is conducted. Furthermore, it studies to what extent the quality of institutions will change the effect of oil price fluctuations on economic growth. Design/methodology/approach As the effect of oil price fluctuations is not the same over different business cycles or oil price levels, the paper uses a panel quantile regression approach with other linear models such as fixed effects, random effects and panel generalized method of moments. The panel quantile methodology is an extension of traditional linear models and it has the advantage of exploring the relationship over the different quantiles of the whole distribution. Findings The paper can summarize results as following: changes in oil price and its volatility have an opposite effect for each oil-export and oil-import countries; for the former, changes in oil prices have a positive impact but the volatility a negative effect. While for the latter, changes in oil prices have a negative effect but volatility a positive effect. Further, the impact of oil price changes and their uncertainty are different across different quantiles. Furthermore, there is evidence about the asymmetric effect of the oil price changes on economic growth. Finally, accounting for institutional quality led to a reduction in the impact of oil price changes on economic growth. Originality/value The study concludes more detailed results on the impact of oil prices on gross domestic product growth. Thus, it can be used as a decision-support tool for policymakers.

scholarly journals (The impact of oil price shocks on the performance of the Saudi financial market (2003- 2016: تأثير تقلبات أسعار النفط على أداء السوق المالية السعودية (2003-2016)

2019 ◽  
Vol 3 (8) ◽  
Author(s):  
Mohammed Faisal Hassan Mohammed Ahmed
Keyword(s):  
Financial Market ◽  
Stock Prices ◽  
Stock Exchange ◽  
Oil Price ◽  
Inductive Method ◽  
Price Fluctuations ◽  
Market Values ◽  
Market Index ◽  
The Impact ◽  
The Relationship

This study sought to analyze the impact of oil price fluctuations on the performance of the Saudi Stock Exchange by analyzing the impact of oil price fluctuations on the volume of trading, the market index and the prices of shares of listed companies in the market. The study used the inductive method to derive hypotheses, and the method of quantitative analysis to test the validity of these hypotheses. The study found that the fluctuations in oil prices do not explain the variation in the performance of the financial market (volume and market index) or the performance of companies listed in the Saudi Stock Exchange (stock prices). The study explained this result in the light of investor interest in other factors such as the financial performance of companies, the results of companies' business, dividends and others, and ignoring the impact of oil price fluctuations. The study recommended testing the relationship between the performance of the financial market and the factors influencing it such as dividends, market values ​​of stocks and other factors.

scholarly journals How Does Internet Information Affect Oil Price Fluctuations? Evidence from the Hot Degree of Market

2020 ◽  
Vol 2020 ◽  
pp. 1-18
Author(s):  
Lu-Tao Zhao ◽  
Shi-Qiu Guo ◽  
Jing Miao ◽  
Ling-Yun He
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Supply And Demand ◽  
Oil Prices ◽  
Online News ◽  
Oil Price ◽  
Price Fluctuations ◽  
Internet Information ◽  
Interactive Relationship ◽  
The Impact

Not only the fundamentals of supply and demand but also international oil prices are affected by nonfundamental indicators such as emergencies. With the development of big data technology, many unstructured and semistructured factors can be reflected through Internet information. Based on this, this paper proposes a HD-based oil price forecasting model to explore the impact of Internet information on international oil prices. Firstly, we use LDA and other methods to extract topics from massive online news. Secondly, based on conditional probability and correlation, the positive hot degree (PHD) and negative hot degree (NHD) of the oil market are constructed to realize the quantitative representation of Internet information. Finally, the SVAR method is established to explore the interactive relationship between HD and oil prices. The empirical results indicate that PHD and NHD have a better ability to predict international oil prices compared with Google Trends which is widely used in the other research. In addition, PHD has a significant positive impact on oil prices and NHD has a negative impact. In the long term, PHD accounts for 51.00% of oil price fluctuations, ranking the first among relevant influencing factors. The findings of this paper can provide support to investors and policy-makers.

scholarly journals Impact of Oil Price Fluctuations on Human Development: A Standard Study of Iraq

2018 ◽  
pp. 396-399
Keyword(s):  
Human Development ◽  
Oil Prices ◽  
Oil Price ◽  
Price Fluctuation ◽  
Price Fluctuations ◽  
Long Run ◽  
The Government ◽  
Oil Revenues ◽  
The Impact ◽  
Oil Price Fluctuation

This paper examines the impact of oil price fluctuations on Human development in Iraq. We employed UNDP statistical data in HDI and oil prices were obtained from OPEC official statistics. EGARCH model is applied to estimate the series of oil price fluctuation. Further, we applied ARDL bound test approach to estimate the long run relationship between HDI and oil price fluctuation. Evidence shows that there is a long run relationship among the variables under study. A significant impact on human development index is witness due to fluctuations in oil prices. Since the dependence of Iraqi economy on oil exports tightly align the government spending with oil revenues. Therefore, this study proposes that Government should adopt a diversified policy and invest in other sectors of the economy, such as the industrial sectors. Investment in these sectors will help to increase the output of exportable goods. Exports of these goods can earn more foreign exchange. This will reduce the heavy reliance on oil revenues. The government needs to spend more money to provide infrastructure like transport facilities and stable electricity supply. This will help encourage private companies to invest more in their economic resources by reducing the cost of doing business.

scholarly journals Financing Constraints and Stock Price Volatility Empirical Evidence from Shanghai and Shenzhen A-share listed Companies

2021 ◽  
Vol 235 ◽  
pp. 01029
Author(s):  
Xuan Xiang ◽  
Fei Dong ◽  
Junxiu Chen
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Price Volatility ◽  
Listed Companies ◽  
Practical Significance ◽  
Financing Constraints ◽  
Cross Sectional ◽  
Stock Price Volatility ◽  
The Impact ◽  
A Share

Based on the theoretical analysis of financing constraints and stock price volatility, the hypothesis of “corporate financing constraints inhibiting corporate stock price volatility” is proposed. After data cleaning, the cross-sectional data based on A-share was used to make an empirical analysis of the relationship between financing constraints and stock price volatility of listed companies in 2018 through regression model. The study found that when companies relax financing constraints, due to widespread overinvestment, the stock price of companies will fluctuate more. In addition, we have shown that by replacing the return of financing constraint indicators and the regression of subsamples based on enterprise size, market type and ownership, the conclusion of the study is more robust. The research reveals the mechanism of the impact of financing constraints on the volatility of corporate stock prices. The conclusions have practical significance for investors, corporations and relevant regulatory authorities.

scholarly journals Evaluating the social impact of COVID-19 with a big data approach

2021 ◽  
Vol 257 ◽  
pp. 03065
Author(s):  
Jiacheng Chen
Keyword(s):  
Performance Analysis ◽  
Correlation Analysis ◽  
Stock Prices ◽  
Stock Price ◽  
Social Impact ◽  
Service Industry ◽  
Listed Companies ◽  
The Social ◽  
The Impact ◽  
The U.S

According to the CNN news, until the first day of year 2021, the total number of COVID-19 infections in the U.S. has exceeded 20 million and resulted in 350, 000 deaths. A review of the literature shows that COVID-19 has created a huge crisis in various industries such as offline department stores, tourism, airlines, and restaurants, but also contributes to the online service industry, medical and biopharmaceuticals. The quantitative assessment of the social impact of COVID-19 is based on various types of data. In this paper, stock prices of listed companies are used as indicators to explore the impact of the epidemic on stock prices, which further reflects the impact on different industries. Since the infection information and stock price data of listed companies are easily accessible, this article combines these data and conduct two analyses: correlation analysis and performance analysis, taking 468 listed companies in the U.S. stock market. In the correlation analysis, it is confirmed that the impact of COVID-19 on different industries or companies is different. In the performance analysis, this article predicts the performance of company stock prices before and after the outbreak by using different companies’ basic information and find that the XGBoost model works best in the 2-classes case and the random forest model works best in the 5-classes case.

Oil price, exchange rate and stock price in Nigeria: Fresh insights based on quantile ARDL model

2021 ◽  
pp. 59-79
Author(s):  
Emmanuel Uche ◽  
Lionel Effiom
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Stock Prices ◽  
Stock Price ◽  
Spillover Effects ◽  
Oil Price ◽  
Ardl Model ◽  
Conditional Mean ◽  
Pass Through ◽  
The Impact

The pass-through of oil price to various macroeconomic aggregates, including the exchange rates and stock prices have been vigorously studied in the past albeit varying submissions. More so, these studies considered the relationship only within the conditional mean. To pro-vide fresh insights about the heterogeneous impacts, this study re-examines the dynamic pass-through of international oil prices to exchange rates and stock prices in Nigeria using the Quantile ARDL model. The quantile ARDL accounts for locational asymmetries among varia-bles. Findings indicate that the spillover effects of oil price shocks on both the exchange rate and stock prices in Nigeria are heterogeneous and differ significantly across the quantile dis-tributions of the foreign exchange and stock markets. The impact increases over time with greater impacts recorded at quantiles below the median. On this background, specific policies targeting the peculiar effects at each quantile of exchange rate and stock prices will ensure op-timal performance leading to higher returns to investors and market practitioners.

scholarly journals ADOPTING SOUND CORPORATE GOVERNANCE PRINCIPLES – A PROSPECTIVE APPROACН TOWARDS TНE IMPACT ON STOCK PRICES OF ROMANIAN LISTED COMPANIES

2020 ◽  
pp. 33-41
Author(s):  
I. Pop (Anghel)
Keyword(s):  
Corporate Governance ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Risk Mitigation ◽  
Listed Companies ◽  
Share Price ◽  
Assessment Index ◽  
Stock Market Performance ◽  
The Impact

Sound economic developments and successful businesses are conditioned by embracing proper corporate governance principles furthered by their proper implementation. There is a strong body of research that encompasses finance and accounting tools to establish valid links between qualitative corporate governance fundamentals and stock market performance of listed companies, that stem from accountability, operational integrity, transparency, management and board efficiency improvements, risk mitigation and overall better decision-making endeavours. The aim of the present research is to assess the impact of adopting sound corporate governance principles on the stock price of companies traded on the Bucharest Stock Exchange. Following our empirical efforts, the results of our regression study reveal the clear connection between price to book ratio and to our corporate governance assessment index and to a lesser extent the connection between share price and our corporate governance assessment index.

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