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标题：Short and long-term links between oil prices and stock markets in Europe
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作者：Arouri Mohamed El Hedi ; Jawadi Fredj
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2010
卷号：30
期号：1
页码：817-828
出版社：Economics Bulletin
摘要：Although the assumption in the financial press is that fluctuations in the price of oil affect stock market prices, empirical evidence of the impact of these fluctuations on stock returns has been mixed. Unlike other empirical studies, which have focused largely on broad market indices (national and/or regional indices), our study adds to knowledge of the relationship between oil prices and stock markets in Europe by testing for short-and long-term links in the aggregate as well as sector by sector. We show that the response of stock returns to oil price changes differs greatly depending on the sector of activity. In particular, we show that changes in the price of oil have negative effects on short-and long-term stock prices in Food & Beverages