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231006 ||| eng |
| 100 |
1 |
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|a Arezki, Rabah
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| 245 |
0 |
0 |
|a Corporate Debt and Stock Returns
|h Elektronische Ressource
|b Evidence from U.S. Firms during the 2020 Oil Crash
|c Rabah Arezki
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| 260 |
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|a Washington, D.C
|b The World Bank
|c 2022
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| 300 |
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|a 24 pages
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| 653 |
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|a Energy Policies and Economics
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| 653 |
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|a Oil Markets
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| 653 |
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|a Oil Firms Stock Returns
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| 653 |
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|a Energy
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| 653 |
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|a Oil Stocks
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| 653 |
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|a Oil Company Debt
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| 653 |
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|a Corporate Debt
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| 653 |
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|a Private Sector Economics
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| 653 |
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|a Oil Price Fluctuation
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| 653 |
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|a Energy Markets
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| 653 |
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|a Oil and Gas
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| 653 |
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|a Volatility
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| 653 |
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|a Private Sector Development
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| 653 |
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|a Corporate Governance
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| 700 |
1 |
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|a Pham, Anh
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| 700 |
1 |
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|a Cho, Caleb
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| 700 |
1 |
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|a Nguyen, Ha
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b WOBA
|a World Bank E-Library Archive
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| 028 |
5 |
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|a 10.1596/1813-9450-10079
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| 856 |
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|u http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-10079
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using an identification strategy through heteroskedasticity, exploiting the 2020 oil price crash. The results are twofold. First, a decline in oil prices significantly reduces oil firms' stock returns. On average, a 1 percent decline in oil prices leads to a 0.44 percent decline in stock prices. Second, firm debt appears irrelevant in mediating the effect of oil prices on oil firms' stock returns. Moreover, the muted role of debt was not likely caused by the liquidity backstop provided by the Federal Reserve
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