Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/24711 
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dc.contributor.authorOberndorfer, Ulrichen
dc.date.accessioned2009-02-16T15:09:11Z-
dc.date.available2009-02-16T15:09:11Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/24711-
dc.description.abstractThis paper constitutes a first analysis on stock returns and stock return volatility of energy corporations from the Eurozone. According to our results, the gas market does not play a role for the pricing of Eurozone energy stocks. However, changes in the Euro to U.S. Dollar exchange rate as well as developments at the money and especially at the oil market strongly affect returns of the energy stock portfolios analyzed. While oil price hikes negatively impact on stock returns of European utilities, they lead to an appreciation of oil and gas stocks. Most importantly, we show that oil market volatility negatively affects European oil and gas stocks. In contrast, energy stock volatility is not driven by volatility of the resource market, but only by its own dynamics.en
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x08-017en
dc.subject.jelQ43en
dc.subject.jelC13en
dc.subject.jelQ40en
dc.subject.jelG12en
dc.subject.ddc330en
dc.subject.keywordEnergy stocksen
dc.subject.keywordresource pricesen
dc.subject.keywordvolatilityen
dc.subject.keywordasset pricingen
dc.subject.stwEnergiewirtschaften
dc.subject.stwBörsenkursen
dc.subject.stwRenditeen
dc.subject.stwVolatilitäten
dc.subject.stwErdölpreisen
dc.subject.stwErdgasmarkten
dc.subject.stwEU-Staatenen
dc.titleReturns and Volatility of Eurozone Energy Stocks-
dc.typeWorking Paperen
dc.identifier.ppn561230889en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:7226en

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