Ahmad, Maryam; Manera, Matteo; Sadeghzadeh, Mehdi - 2015
as well as industry levels. We empirically model oil price changes as driven by speculative demand shocks along with … 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 …