Hasan, Mohammad Z.; Ratti, Ronald A. - In: International Journal of Energy Economics and Policy 5 (2015) 2, pp. 515-524
This paper examines the effect of oil price on coal sector stock returns. A multifactor market model is used to … estimate the expected excess returns to the coal sector. A 1% increase in oil price return has a statistically significant … positive impact on coal sector returns of between 0.06% and 0.20%. A 1% increase in coal price raises the return of coal sector …