Oil price uncertainty and stock price informativeness: Evidence from listed US companies

被引：8
|
作者：
Zhu, Qi [1 ]
Jin, Sisi [1 ]
Huang, Yuxuan [2 ]
Yan, Cheng [3 ]
机构：
[1] Sch Business, Cent South Univ, Changsha, Peoples R China
[2] Hunan Univ, Sch Business, Changsha, Peoples R China
[3] Univ Essex, Essex Business Sch, Colchester, Essex, England
来源：
ENERGY ECONOMICS | 2022年 / 113卷
基金：
中国国家自然科学基金;
关键词：
Oil price uncertainty; Stock price informativeness; Investment; Tobin's q; Managerial learning; CORPORATE SOCIAL-RESPONSIBILITY; INVESTMENT SENSITIVITY; CRUDE-OIL; VOLATILITY; RISK; IRREVERSIBILITY; SPECULATION; RETURNS;
D O I：
10.1016/j.eneco.2022.106197
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the relationship between oil price uncertainty and stock price information for managerial decision making. Under the investment-q sensitivity framework, we use the data of listed U.S. companies from 2008 to 2020 and find that oil price uncertainty has a positive impact on investment-q sensitivity that is mainly driven by the crowding of informed traders and the promotion of managerial learning. The interrelation between oil price uncertainty and investment-q sensitivity is more remarkable for firms with uncorrelated product demand with that of their peers, stronger CEO concern, and greater CEO equity incentives. Furthermore, we provide evidence that oil price uncertainty can enhance investment-q sensitivity, especially for firms in highly oil-intensive industries and non-oil-producing states. Overall, our research illustrates how oil price uncertainty affects stock price informativeness for firms' decision making.
引用
收藏
页数：12
相关论文
共 50 条
  • [1] Oil price uncertainty and stock price informativeness: Evidence from investment-price sensitivity in China
    Zhu, Qi
    Jin, Sisi
    Huang, Yuxuan
    Yan, Cheng
    Chen, Chuanglian
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2022, 84
  • [2] Stock price synchronicity and price informativeness: Evidence from a regulatory change in the US banking industry
    Abedifar, Pejman
    Bouslah, Kais
    Zheng, Yeliangzi
    FINANCE RESEARCH LETTERS, 2021, 40
  • [3] Stock Price Informativeness and Corporate Investment Efficiency: Evidence from Chinese Manufacturing Listed Companies between 2001 and 2005
    Yuan Zhi-zhu
    Ju Xiao-feng
    2008 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE & ENGINEERING (15TH), VOLS I AND II, CONFERENCE PROCEEDINGS, 2008, : 1392 - 1400
  • [4] Oil price uncertainty and stock price crash risk: Evidence from China
    Xiao, Jihong
    Chen, Xian
    Li, Yang
    Wen, Fenghua
    ENERGY ECONOMICS, 2022, 112
  • [5] Can Enhanced Stock Price Informativeness Improve the Investment Efficiency of Chinese Listed Companies?
    Yuan Zhizhu
    Ju Xiaofeng
    Hou Naikun
    2008 4TH INTERNATIONAL CONFERENCE ON WIRELESS COMMUNICATIONS, NETWORKING AND MOBILE COMPUTING, VOLS 1-31, 2008, : 10208 - 10211
  • [6] Social media and stock price reaction to data breach announcements: Evidence from US listed companies
    Rosati, Pierangelo
    Deeney, Peter
    Cummins, Mark
    van der Werff, Lisa
    Lynn, Theo
    RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2019, 47 : 458 - 469
  • [7] Economic policy uncertainty and stock price informativeness
    Tang, Liang
    Wan, Xiangyu
    PACIFIC-BASIN FINANCE JOURNAL, 2022, 75
  • [8] The impact of trade policy uncertainty on stock price crash risk of listed tourism companies: evidence from China
    Ren, Xiaohang
    Zhong, Yan
    Gozgor, Giray
    JOURNAL OF POLICY RESEARCH IN TOURISM LEISURE AND EVENTS, 2022,
  • [9] Fund ownership and stock price informativeness of Chinese listed firms
    Ding, Rong
    Hou, Wenxuan
    Kuo, Jing-Ming
    Lee, Edward
    JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT, 2013, 23 (03) : 166 - 185
  • [10] Insider stock pledging and stock price informativeness: Evidence from India
    Singh, Amanjot
    REVIEW OF FINANCIAL ECONOMICS, 2023, 41 (01) : 65 - 85
12345