Response pattern of stock returns to international oil price shocks: From the perspective of China’s oil industrial chain

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• 作者：Qiming Li^a ; ^{lqmchina@hotmail.com} ; Ke Cheng^a ; ^{wilsonnfls@163.com} ; Xiaoguang Yang^a ; ^b ; ^{xgyang@iss.ac.cn}
• 关键词：Oil price shock ; China&rsquo ; s oil sector ; Industrial chain ; Stock returns
• 刊名：Applied Energy
• 出版年：2017
• 出版时间：1 January 2017
• 年：2017
• 卷：185
• 期：part_P2
• 页码：1821-1831
• 全文大小：2161 K
• 卷排序：185

文摘

The stock return of oil sales sector responds to all shocks most significantly. Before and after 2012, the impacts of oil price shocks change structurally. The stock returns are mostly affected by oil supply and precautionary demand shocks. The contribution of China’s oil stock returns to oil price shocks is increasing.