Corporate Debt and Stock Returns: Evidence from U.S. Firms during the 2020 Oil Crash
This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using an identification strategy through heteroskedasticity, exploiting the 2020 oil price crash. The results are twofold. First, a decline in oil prices significantly reduces oil firms' stock return...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2022
|
| Schlagworte: | |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using an identification strategy through heteroskedasticity, exploiting the 2020 oil price crash. The results are twofold. First, a decline in oil prices significantly reduces oil firms' stock returns. On average, a 1 percent decline in oil prices leads to a 0.44 percent decline in stock prices. Second, firm debt appears irrelevant in mediating the effect of oil prices on oil firms' stock returns. Moreover, the muted role of debt was not likely caused by the liquidity backstop provided by the Federal Reserve |
| Beschreibung: | 1 Online-Ressource (24 Seiten) |
| DOI: | 10.1596/1813-9450-10079 |
Internformat
MARC
| LEADER | 00000nmm a22000001c 4500 | ||
|---|---|---|---|
| 001 | BV049080186 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 230731s2022 xxu|||| o||u| ||||||eng d | ||
| 024 | 7 | |a 10.1596/1813-9450-10079 |2 doi | |
| 035 | |a (ZDB-1-WBA)08081610X | ||
| 035 | |a (OCoLC)1392140639 | ||
| 035 | |a (DE-599)KEP08081610X | ||
| 040 | |a DE-604 |b ger |e rda | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 |a DE-19 |a DE-355 |a DE-703 |a DE-91 |a DE-706 |a DE-29 |a DE-M347 |a DE-473 |a DE-824 |a DE-20 |a DE-739 |a DE-1043 |a DE-863 |a DE-862 | ||
| 100 | 1 | |a Arezki, Rabah |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Corporate Debt and Stock Returns |b Evidence from U.S. Firms during the 2020 Oil Crash |c Rabah Arezki |
| 264 | 1 | |a Washington, D.C |b The World Bank |c 2022 | |
| 300 | |a 1 Online-Ressource (24 Seiten) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 520 | 3 | |a This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using an identification strategy through heteroskedasticity, exploiting the 2020 oil price crash. The results are twofold. First, a decline in oil prices significantly reduces oil firms' stock returns. On average, a 1 percent decline in oil prices leads to a 0.44 percent decline in stock prices. Second, firm debt appears irrelevant in mediating the effect of oil prices on oil firms' stock returns. Moreover, the muted role of debt was not likely caused by the liquidity backstop provided by the Federal Reserve | |
| 650 | 4 | |a Corporate Debt | |
| 650 | 4 | |a Corporate Governance | |
| 650 | 4 | |a Energy | |
| 650 | 4 | |a Energy Markets | |
| 650 | 4 | |a Energy Policies and Economics | |
| 650 | 4 | |a Oil and Gas | |
| 650 | 4 | |a Oil Company Debt | |
| 650 | 4 | |a Oil Firms Stock Returns | |
| 650 | 4 | |a Oil Markets | |
| 650 | 4 | |a Oil Price Fluctuation | |
| 650 | 4 | |a Oil Stocks | |
| 650 | 4 | |a Private Sector Development | |
| 650 | 4 | |a Private Sector Economics | |
| 650 | 4 | |a Volatility | |
| 700 | 1 | |a Cho, Caleb |e Sonstige |4 oth | |
| 700 | 1 | |a Nguyen, Ha |e Sonstige |4 oth | |
| 700 | 1 | |a Nguyen, Kate |e Sonstige |4 oth | |
| 700 | 1 | |a Pham, Anh |e Sonstige |4 oth | |
| 776 | 0 | 8 | |i Erscheint auch als |n Druck-Ausgabe |a Arezki, Rabah |t Corporate Debt and Stock Returns: Evidence from U.S. Firms during the 2020 Oil Crash |d Washington, D.C. : The World Bank, 2022 |
| 856 | 4 | 0 | |u https://doi.org/10.1596/1813-9450-10079 |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-034342076 | |
Datensatz im Suchindex
| _version_ | 1824556235833212928 |
|---|---|
| adam_text | |
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Arezki, Rabah |
| author_facet | Arezki, Rabah |
| author_role | aut |
| author_sort | Arezki, Rabah |
| author_variant | r a ra |
| building | Verbundindex |
| bvnumber | BV049080186 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)08081610X (OCoLC)1392140639 (DE-599)KEP08081610X |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1596/1813-9450-10079 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nmm a22000001c 4500</leader><controlfield tag="001">BV049080186</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">230731s2022 xxu|||| o||u| ||||||eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1596/1813-9450-10079</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)08081610X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1392140639</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP08081610X</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-M347</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-1043</subfield><subfield code="a">DE-863</subfield><subfield code="a">DE-862</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Arezki, Rabah</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Corporate Debt and Stock Returns</subfield><subfield code="b">Evidence from U.S. Firms during the 2020 Oil Crash</subfield><subfield code="c">Rabah Arezki</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">The World Bank</subfield><subfield code="c">2022</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (24 Seiten)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using an identification strategy through heteroskedasticity, exploiting the 2020 oil price crash. The results are twofold. First, a decline in oil prices significantly reduces oil firms' stock returns. On average, a 1 percent decline in oil prices leads to a 0.44 percent decline in stock prices. Second, firm debt appears irrelevant in mediating the effect of oil prices on oil firms' stock returns. Moreover, the muted role of debt was not likely caused by the liquidity backstop provided by the Federal Reserve</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Corporate Debt</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Corporate Governance</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Energy</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Energy Markets</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Energy Policies and Economics</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Oil and Gas</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Oil Company Debt</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Oil Firms Stock Returns</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Oil Markets</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Oil Price Fluctuation</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Oil Stocks</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Private Sector Development</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Private Sector Economics</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Volatility</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Cho, Caleb</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Nguyen, Ha</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Nguyen, Kate</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Pham, Anh</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Druck-Ausgabe</subfield><subfield code="a">Arezki, Rabah</subfield><subfield code="t">Corporate Debt and Stock Returns: Evidence from U.S. Firms during the 2020 Oil Crash</subfield><subfield code="d">Washington, D.C. : The World Bank, 2022</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1596/1813-9450-10079</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-034342076</subfield></datafield></record></collection> |
| id | DE-604.BV049080186 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T22:27:57Z |
| indexdate | 2025-02-20T07:20:20Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034342076 |
| oclc_num | 1392140639 |
| open_access_boolean | 1 |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| physical | 1 Online-Ressource (24 Seiten) |
| psigel | ZDB-1-WBA |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | The World Bank |
| record_format | marc |
| spellingShingle | Arezki, Rabah Corporate Debt and Stock Returns Evidence from U.S. Firms during the 2020 Oil Crash Corporate Debt Corporate Governance Energy Energy Markets Energy Policies and Economics Oil and Gas Oil Company Debt Oil Firms Stock Returns Oil Markets Oil Price Fluctuation Oil Stocks Private Sector Development Private Sector Economics Volatility |
| title | Corporate Debt and Stock Returns Evidence from U.S. Firms during the 2020 Oil Crash |
| title_auth | Corporate Debt and Stock Returns Evidence from U.S. Firms during the 2020 Oil Crash |
| title_exact_search | Corporate Debt and Stock Returns Evidence from U.S. Firms during the 2020 Oil Crash |
| title_exact_search_txtP | Corporate Debt and Stock Returns Evidence from U.S. Firms during the 2020 Oil Crash |
| title_full | Corporate Debt and Stock Returns Evidence from U.S. Firms during the 2020 Oil Crash Rabah Arezki |
| title_fullStr | Corporate Debt and Stock Returns Evidence from U.S. Firms during the 2020 Oil Crash Rabah Arezki |
| title_full_unstemmed | Corporate Debt and Stock Returns Evidence from U.S. Firms during the 2020 Oil Crash Rabah Arezki |
| title_short | Corporate Debt and Stock Returns |
| title_sort | corporate debt and stock returns evidence from u s firms during the 2020 oil crash |
| title_sub | Evidence from U.S. Firms during the 2020 Oil Crash |
| topic | Corporate Debt Corporate Governance Energy Energy Markets Energy Policies and Economics Oil and Gas Oil Company Debt Oil Firms Stock Returns Oil Markets Oil Price Fluctuation Oil Stocks Private Sector Development Private Sector Economics Volatility |
| topic_facet | Corporate Debt Corporate Governance Energy Energy Markets Energy Policies and Economics Oil and Gas Oil Company Debt Oil Firms Stock Returns Oil Markets Oil Price Fluctuation Oil Stocks Private Sector Development Private Sector Economics Volatility |
| url | https://doi.org/10.1596/1813-9450-10079 |
| work_keys_str_mv | AT arezkirabah corporatedebtandstockreturnsevidencefromusfirmsduringthe2020oilcrash AT chocaleb corporatedebtandstockreturnsevidencefromusfirmsduringthe2020oilcrash AT nguyenha corporatedebtandstockreturnsevidencefromusfirmsduringthe2020oilcrash AT nguyenkate corporatedebtandstockreturnsevidencefromusfirmsduringthe2020oilcrash AT phamanh corporatedebtandstockreturnsevidencefromusfirmsduringthe2020oilcrash |