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The oil price exposure of global oil companies

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  • Perry Sadorsky
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    Abstract

    This study investigates the impact that global oil market risk factors have on the oil price risk of oil company stock prices. Results indicate that oil prices and market risk are both positive and statistically significant priced risk factors. Oil price risk is negatively impacted by increases in oil reserves. Oil price risk is positively impacted by increases in oil production. Oil price risk is more sensitive to changes in production rates than to changes in reserve additions rates.

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    File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540701537764&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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    Bibliographic Info

    Article provided by Taylor and Francis Journals in its journal Applied Financial Economics Letters.

    Volume (Year): 4 (2008)
    Issue (Month): 2 ()
    Pages: 93-96

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    Handle: RePEc:taf:apfelt:v:4:y:2008:i:2:p:93-96

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    Cited by:
    1. Marcelo Bianconi & Joe A. Yoshino, 2013. "Risk Factors and Value at Risk in Publicly Trades Companies of the Nonrenewable Energy Sector," Discussion Papers Series, Department of Economics, Tufts University 0773, Department of Economics, Tufts University.
    2. Talbot, Edward & Artiach, Tracy & Faff, Robert, 2013. "What drives the commodity price beta of oil industry stocks?," Energy Economics, Elsevier, vol. 37(C), pages 1-15.

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