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Long-Run Models Of Oil Stock Prices, Alessandro Lanza, Matteo Manera, Massimo Giovannini, Margherita Grasso
Long-Run Models Of Oil Stock Prices, Alessandro Lanza, Matteo Manera, Massimo Giovannini, Margherita Grasso
Matteo Manera
The identification of the forces that drive oil stock prices is extremely important given the size of the Oil&Gas industry and its links with the energy sector and the environment. In the next decade oil companies will have to deal with international policies to contrast climate change. This issue is likely to affect companies’ shareholder values. In this paper we focus on the long-run financial determinants of the stock prices of six major oil companies (Bp, Chevron-Texaco, Eni, Exxon-Mobil, Royal Dutch Shell, Total-Fina-Elf) using multivariate cointegration techniques and vector error correction models. Weekly oil stock prices are analyzed together with …