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Oil and the Stock Markets
- Source :
- The Journal of Finance. 51:463-491
- Publication Year :
- 1996
- Publisher :
- Wiley, 1996.
-
Abstract
- The authors test whether the reaction of international stock markets to oil shocks can be justified by current and future changes in real cash flows and/or changes in expected returns. They find that, in the postwar period, the reaction of U.S. and Canadian stock prices to oil shocks can be completely accounted for by the impact of these shocks on real cash flows alone. In contrast, in both the United Kingdom and Japan, innovations in oil prices appear to cause larger changes in stock prices than can be justified by subsequent changes in real cash flows or by changing expected returns. Copyright 1996 by American Finance Association.
- Subjects :
- Economics and Econometrics
Financial economics
Stock market bubble
food and beverages
Non-qualified stock option
Restricted stock
Growth stock
Stock exchange
Accounting
Economics
Cash flow
sense organs
Price/cash flow ratio
skin and connective tissue diseases
health care economics and organizations
Finance
Stock (geology)
Subjects
Details
- ISSN :
- 00221082
- Volume :
- 51
- Database :
- OpenAIRE
- Journal :
- The Journal of Finance
- Accession number :
- edsair.doi.dedup.....e618697cdfa8098c80f012c7fb7ea975