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The Impact of Petrol Prices on Stock Prices of Energy Companies: A Panel Data Analysis for Turkey

Author

Listed:
  • Nur Dilbaz Alacahan

    (Canakkale Onsekiz Mart University, Department of Banking and Finance)

  • Seda Yavuzaslan Soylemez

    (Canakkale Onsekiz Mart University, Department of Accounting and Tax)

Abstract

The aim of this paper is to analyze the impact of petrol prices on the stock prices of energy companies traded in Istanbul Stock Exchange. To achieve this objective, daily panel data for 9 energy companies are examined for the period between 01/02/2008 and 02/26/2016. For the estimations, random effects and fixed effects panel data estimation methods are used. According to the results, changes in petrol prices effects stock prices of energy companies, negatively. Interest rates and M2 money supply affect stock prices of the energy companies, negatively. In addition to the macro variables, ROA and capital growth are the micro variables affecting stock prices of energy companies.

Suggested Citation

  • Nur Dilbaz Alacahan & Seda Yavuzaslan Soylemez, 2017. "The Impact of Petrol Prices on Stock Prices of Energy Companies: A Panel Data Analysis for Turkey," EconWorld Working Papers 17006, WERI-World Economic Research Institute, revised Oct 2017.
    • Handle: RePEc:ana:wpaper:17006
    DOI: 10.22440/EconWorld.WP.2017.006
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    References listed on IDEAS

    as
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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications

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