This paper provides an analysis of the link between the oil market and the U.S. stock market returns at the aggregate … market price movements over and above the oil market, in order to quantify the pure effect of oil price shocks on returns …. The results show that stock returns respond to oil price shocks differently, depending on the causes behind the shocks …

"This paper considers a variety of econometric models for the joint distribution of US stock and bond returns in the … stock returns, a more complicated four state model with regimes characterized as crash, slow growth, bull and recovery …