Berk, Istemi ORCID: 0000-0003-3507-2293 and Rauch, Jannes (2016). Regulatory interventions in the US oil and gas sector: How do the stock markets perceive the CFTC's announcements during the 2008 financial crisis? Energy Econ., 54. S. 337 - 349. AMSTERDAM: ELSEVIER SCIENCE BV. ISSN 1873-6181

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Abstract

This paper analyzes the effects of the Commodity Futures Trading Commission's (CFTC) announcements on the stock returns of oil and gas companies around the financial crisis of 2008. Using event study methodology and regression analyses, we examine a set of 122 oil and gas related stocks listed in the New York Stock Exchange (NYSE) for 35 announcements. Our results indicate that CFTC announcements, depending on their content, can affect the stock returns of oil and gas companies. In particular, this is found to hold true during the period of high-volatility in oil prices, i.e., the period following Lehman Brothers failure. During this period, oil and gas related stock returns respond positively to most regulatory announcements, showing that the CFTC's regulatory interventions are perceived positively by the stock market. (C) 2016 Elsevier B.V. All rights reserved.

Item Type: Journal Article
Creators:
CreatorsEmailORCIDORCID Put Code
Berk, IstemiUNSPECIFIEDorcid.org/0000-0003-3507-2293UNSPECIFIED
Rauch, JannesUNSPECIFIEDUNSPECIFIEDUNSPECIFIED
URN: urn:nbn:de:hbz:38-285167
DOI: 10.1016/j.eneco.2016.01.003
Journal or Publication Title: Energy Econ.
Volume: 54
Page Range: S. 337 - 349
Date: 2016
Publisher: ELSEVIER SCIENCE BV
Place of Publication: AMSTERDAM
ISSN: 1873-6181
Language: English
Faculty: Unspecified
Divisions: Unspecified
Subjects: no entry
Uncontrolled Keywords:
KeywordsLanguage
CRUDE-OIL; FUTURES PRICES; CANADIAN OIL; RISK-FACTORS; RETURNS; EVENT; SHOCKS; OPEC; BEHAVIOR; IMPACTMultiple languages
EconomicsMultiple languages
Refereed: Yes
URI: http://kups.ub.uni-koeln.de/id/eprint/28516

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