Narayan, Paresh Kumar; Sharma, Susan Sunila - In: Journal of Banking & Finance 35 (2011) 12, pp. 3253-3262
In this paper, we examine the relationship between oil price and firm returns for 560 US firms listed on the NYSE. First, we find that oil price affects returns of firms differently depending on their sectoral location. Second, we find strong evidence of lagged effect of oil price on firm...