Araştırma Makalesi
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Petrol Fiyatlarının Ulaştırma Sektörü Hisse Senedi Getirilerine Etkisi: Türkiye Hisse Senedi Piyasası Örneği

Yıl 2023, Cilt: 8 Sayı: 3, 425 - 439, 30.09.2023
https://doi.org/10.30784/epfad.1297913

Öz

Bu araştırmanın amacı ham petrol fiyatlarının Türkiye’de ulaştırma sektörü hisse senedi getirileri üzerindeki etkisini incelemektir. Çalışma kapsamında ARDL sınır testi kullanılmış olup hem uzun dönem hem de kısa dönem etkiler irdelenmiştir. Araştırma bulguları, petrol fiyatlarının ulaştırma firmaları için en önemli girdilerin başında gelmesi nedeniyle kısa dönemde hisse senedi getirilerini olumsuz etkilediğini göstermektedir. Öte yandan, uzun dönemde artan petrol fiyatları sektördeki hisse senedi getirilerini artırmaktadır. Bu sonuç, sektörün oligopolistik piyasa yapısı ile açıklanabilir. Bu çalışmada ayrıca makroekonomik aktivite, hisse senedi piyasalarının performansı ve küresel ekonomik politika belirsizliği gibi diğer faktörlerin hisse senedi getirileri üzerindeki etkisini de araştırılmıştır. Bulgular, ulaştırma sektörü getirilerinin makroekonomik ve endeks performanslarına da oldukça duyarlı olduğuna işaret etmektedir. Öte yandan, küresel ekonomik politika belirsizliğinin sektör getirileri üzerinde anlamlı bir etkisi görülmemektedir. Yazına akademik katkısının yanı sıra, bu araştırmanın bulguları finansal yatırımcılar, sektör paydaşları ve politika yapıcılar için de önemli pratik çıkarımlar sunmaktadır.

Kaynakça

  • Aggarwal, R., Akhigbe, A. and Mohanty, S.K. (2012). Oil price shocks and transportation firm asset prices. Energy Economics, 34(5), 1370-1379. https://doi.org/10.1016/j.eneco.2012.05.001
  • Aizenman, J. and Marion, N.P. (1993). Policy uncertainty, persistence and growth. Review of International Economics, 1(2), 145-163. https://doi.org/10.1111/j.1467-9396.1993.tb00012.x
  • Akdeniz, C., Çatık, A.N. and Kışla, G.H. (2021). The impact of oil prices on oil-gas stock returns: A fresh evidence from the Covid-affected countries. Economic Computation & Economic Cybernetics Studies & Research, 55(3), 221-236. http://dx.doi.org/10.24818/18423264/55.3.21.14
  • Aslan, A. (2013). Pricing of sovereign credit risk: Application to Turkey (Unpublished doctoral dissertation). Middle East Technical University, Ankara, Türkiye.
  • Bachmeier, L. (2008). Monetary policy and the transmission of oil shocks. Journal of Macroeconomics, 30(4), 1738-1755. https://doi.org/10.1016/j.jmacro.2007.11.002
  • Baker, S.R., Bloom, N. and Davis, S.J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593-1636. https://doi.org/10.1093/qje/qjw024
  • Bohi, D.R. (1991). On the macroeconomic effects of energy price shocks. Resources and Energy, 13(2), 145-162. https://doi.org/10.1016/0165-0572(91)90012-R
  • Breusch, T.S. (1978). Testing for autocorrelation in dynamic linear models. Australian Economic Papers, 17(31), 334-355. https://doi.org/10.1111/j.1467-8454.1978.tb00635.x
  • Breusch, T.S. and Pagan, A.R. (1979). A simple test for heteroscedasticity and random coefficient variation. Econometrica: Journal of the Econometric Society, 47(5), 1287-1294. https://doi.org/10.2307/1911963
  • Burbidge, J. and Harrison, A. (1984). Testing for the effects of oil-price rises using vector autoregressions. International Economic Review, 25(2), 459-484. https://doi.org/10.2307/2526209
  • Cantos‐Sánchez, P. and Moner‐Colonques, R. (2006). Mixed oligopoly, product differentiation and competition for public transport services. The Manchester School, 74(3), 294-313. https://doi.org/10.1111/j.1467-9957.2006.00494.x
  • Caporale, G.M., Çatık, A.N., Kışla, N.S.H., Helmi, N.H. and Akdeniz, N. (2022). Oil prices and sectoral stock returns in the BRICS-T countries: A time-varying approach. Resources Policy, 79, 103044. https://doi.org/10.1016/j.resourpol.2022.103044
  • Chen, N.F., Roll, R. and Ross, S.A. (1986). Economic forces and the stock market. Journal of Business, 59(3), 383-403. Retrieved from https://www.jstor.org/
  • Choudhri, E.U. and Hakura, D.S. (2006). Exchange rate pass-through to domestic prices: Does the inflationary environment matter? Journal of International Money and Finance, 25(4), 614-639. https://doi.org/10.1016/j.jimonfin.2005.11.009
  • Ciner, C. (2001). Energy shocks and financial markets: Nonlinear linkages. Studies in Nonlinear Dynamics & Econometrics, 5(3), 203-212. https://doi.org/10.2202/1558-3708.1079
  • Çatık, A.N., Kışla, G.H. and Akdeni̇z, C. (2020). Time-varying impact of oil prices on sectoral stock returns: Evidence from Turkey. Resources Policy, 69, 101845. https://doi.org/10.1016/j.resourpol.2020.101845
  • Davis, S.J. (2016). An index of global economic policy uncertainty (NBER Working Paper Series No. w22740). Retrieved from https://www.nber.org/system/files/working_papers/w22740/w22740.pdf
  • Dickey, D.A. and Fuller, W.A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a), 427-431. https://doi.org/10.1080/01621459.1979.10482531
  • Driesprong, G., Jacobsen, B. and Maat, B. (2008). Striking oil: Another puzzle? Journal of Financial Economics, 89(2), 307-327. https://doi.org/10.1016/j.jfineco.2007.07.008
  • Economic Policy Uncertainty. (2022). Global economic policy uncertainty index [Dataset]. Retrieved from https://www.policyuncertainty.com/index.html
  • Enerdata. (2022). World energy and climate statistics [Dataset]. Retrieved from https://yearbook.enerdata.net/total-energy/world-consumption-statistics.html
  • Engle, R.F. and Granger, C.W. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 55(2), 251-276. https://doi.org/10.2307/1913236
  • Ewing, B.T., Forbes, S.M. and Payne, J.E. (2003). The effects of macroeconomic shocks on sector-specific returns. Applied Economics, 35(2), 201-207. https://doi.org/10.1080/0003684022000018222
  • Friedman, E.A. (2001). Airline antitrust: Getting past the oligopoly problem. University of Miami Business Law Review, 9, 121-144. Retrieved from https://heinonline.org/HOL/
  • Gisser, M. and Goodwin, T.H. (1986). Crude oil and the macroeconomy: Tests of some popular notions: Note. Journal of Money, Credit and Banking, 18(1), 95-103. https://doi.org/10.2307/1992323
  • Godfrey, L. (1978). Testing against general autoregressive and moving average error models when the regressors include lagged dependent variables. Econometrica, 46(6), 1293–1302. https://doi.org/10.2307/1913829
  • Gogineni, S. (2010). Oil and the stock market: An industry level analysis. Financial Review, 45(4), 995-1010. https://doi.org/10.1111/j.1540-6288.2010.00282.x
  • Goldfajn, I. and Werlang, S.R.D.C. (2000). The pass-through from depreciation to inflation: A panel study (Banco Central de Brasil Working Paper No. 5). Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=224277
  • Hamilton, J.D. (1983). Oil and the macroeconomy since World War II. Journal of Political Economy, 91(2), 228-248. https://doi.org/10.1086/261140
  • Hamilton, J.D. (2003). What is an oil shock? Journal of Econometrics, 113(2), 363-398. https://doi.org/10.1016/S0304-4076(02)00207-5
  • Hamilton, J.D. (2008). Oil and the macroeconomy. In M.Vernengo, E.P.Caldentey and J.B.Rosser Jr. (Eds.), The New Palgrave dictionary of economics (pp. 1-16). London: Palgrave Macmillan.
  • Hammoudeh, S. and Choi, K. (2007). Characteristics of permanent and transitory returns in oil-sensitive emerging stock markets: The case of GCC countries. Journal of International Financial Markets, Institutions and Money, 17(3), 231-245. https://doi.org/10.1016/j.intfin.2005.11.002
  • Hammoudeh, S. and Li, H. (2005). Oil sensitivity and systematic risk in oil-sensitive stock indices. Journal of Economics and Business, 57(1), 1-21. https://doi.org/10.1016/j.jeconbus.2004.08.002
  • Hooker, M.A. (2002). Are oil shocks inflationary? Asymmetric and nonlinear specifications versus changes in regime. Journal of Money, Credit and Banking, 34(2), 540-561. Retrieved from https://www.jstor.org/
  • IMF. (2022). Primary commodity prices [Dataset]. Retrieved from https://www.imf.org/en/Research/commodity-prices
  • İlhan, A. and Akdeniz, C. (2020). The impact of macroeconomic variables on the stock market in the time of Covid-19: The case of Turkey. Journal of Research in Economics Politics and Finance, 5(3), 893-912. https://doi.org/10.30784/epfad.810630
  • Johansen, S. (1991). Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models. Econometrica: Journal of the Econometric Society, 59(6), 1551-1580. https://doi.org/10.2307/2938278
  • Johansen, S. (1995). Identifying restrictions of linear equations with applications to simultaneous equations and cointegration. Journal of Econometrics, 69(1), 111-132. https://doi.org/10.1016/0304- 4076(94)01664-L
  • Jones, C.M. and Kaul, G. (1996). Oil and the stock markets. The Journal of Finance, 51(2), 463-491. https://doi.org/10.1111/j.1540-6261.1996.tb02691.x
  • Kang, W., de Gracia, F.P. and Ratti, R.A. (2021). Economic uncertainty, oil prices, hedging and US stock returns of the airline industry. The North American Journal of Economics and Finance, 57, 101388. https://doi.org/10.1016/j.najef.2021.101388
  • Kilian, L. (2008). The economic effects of energy price shocks. Journal of Economic Literature, 46(4), 871-909. https://doi.org/10.1257/jel.46.4.871
  • Kök, D. and Nazlıoğlu, E.H. (2022). Enerji arz güvenliği, petrol fiyatları ve pay piyasalarında nedensellik ilişkisi: BRICS-T örneği. Journal of Research in Economics Politics and Finance, 7(1), 220-237 . https://doi.org/10.30784/epfad.1081603
  • Lee, K., Ni, S. and Ratti, R.A. (1995). Oil shocks and the macroeconomy: The role of price variability. The Energy Journal, 16(4), 39-56. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol16-No4-2
  • McSweeney, E.J. and Worthington, A.C. (2008). A comparative analysis of oil as a risk factor in Australian industry stock returns, 1980‐2006. Studies in Economics and Finance, 25(2), 131-145. https://doi.org/10.1108/10867370810879447
  • Meyer, J.R. (1964). Competition, market structure and regulatory institutions in transportation. Virginia Law Review, 50(2), 212-230. https://doi.org/10.2307/1071074
  • Miller, J.I. and Ratti, R.A. (2009). Crude oil and stock markets: Stability, instability, and bubbles. Energy Economics, 31(4), 559-568. https://doi.org/10.1016/j.eneco.2009.01.009
  • Mohanty, S.K. and Nandha, M. (2011). Oil risk exposure: The case of the US oil and gas sector. Financial Review, 46(1), 165-191. https://doi.org/10.1111/j.1540-6288.2010.00295.x
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The Impact of Oil Prices on The Transportation Industry Stock Returns: The Case of the Turkish Equity Market

Yıl 2023, Cilt: 8 Sayı: 3, 425 - 439, 30.09.2023
https://doi.org/10.30784/epfad.1297913

Öz

This study examines the impact of crude oil prices on Turkey's transportation sector stock returns. For this purpose, ARDL Bound Test approach is utilized to investigate both long-run and short-run impacts. Research findings show that crude oil prices have an adverse impact on stock returns in the short-run since oil is a crucial input for transportation firms. However, in the long-run, increasing oil prices enhance stock returns in the sector. The oligopolistic market structure of the industry can explain this result. This study also investigates the impact of other factors on stock returns, such as macroeconomic activity, aggregate stock market performance, and global economic policy uncertainty. The results imply that transportation sector returns are also highly sensitive to macroeconomic and aggregate stock market performances. On the other hand, global economic policy has no significant impact on stock returns in the sector. Besides its academic contribution to the literature, the findings of this research offer precious practical implications for financial investors, industry stakeholders, and policymakers.

Kaynakça

  • Aggarwal, R., Akhigbe, A. and Mohanty, S.K. (2012). Oil price shocks and transportation firm asset prices. Energy Economics, 34(5), 1370-1379. https://doi.org/10.1016/j.eneco.2012.05.001
  • Aizenman, J. and Marion, N.P. (1993). Policy uncertainty, persistence and growth. Review of International Economics, 1(2), 145-163. https://doi.org/10.1111/j.1467-9396.1993.tb00012.x
  • Akdeniz, C., Çatık, A.N. and Kışla, G.H. (2021). The impact of oil prices on oil-gas stock returns: A fresh evidence from the Covid-affected countries. Economic Computation & Economic Cybernetics Studies & Research, 55(3), 221-236. http://dx.doi.org/10.24818/18423264/55.3.21.14
  • Aslan, A. (2013). Pricing of sovereign credit risk: Application to Turkey (Unpublished doctoral dissertation). Middle East Technical University, Ankara, Türkiye.
  • Bachmeier, L. (2008). Monetary policy and the transmission of oil shocks. Journal of Macroeconomics, 30(4), 1738-1755. https://doi.org/10.1016/j.jmacro.2007.11.002
  • Baker, S.R., Bloom, N. and Davis, S.J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593-1636. https://doi.org/10.1093/qje/qjw024
  • Bohi, D.R. (1991). On the macroeconomic effects of energy price shocks. Resources and Energy, 13(2), 145-162. https://doi.org/10.1016/0165-0572(91)90012-R
  • Breusch, T.S. (1978). Testing for autocorrelation in dynamic linear models. Australian Economic Papers, 17(31), 334-355. https://doi.org/10.1111/j.1467-8454.1978.tb00635.x
  • Breusch, T.S. and Pagan, A.R. (1979). A simple test for heteroscedasticity and random coefficient variation. Econometrica: Journal of the Econometric Society, 47(5), 1287-1294. https://doi.org/10.2307/1911963
  • Burbidge, J. and Harrison, A. (1984). Testing for the effects of oil-price rises using vector autoregressions. International Economic Review, 25(2), 459-484. https://doi.org/10.2307/2526209
  • Cantos‐Sánchez, P. and Moner‐Colonques, R. (2006). Mixed oligopoly, product differentiation and competition for public transport services. The Manchester School, 74(3), 294-313. https://doi.org/10.1111/j.1467-9957.2006.00494.x
  • Caporale, G.M., Çatık, A.N., Kışla, N.S.H., Helmi, N.H. and Akdeniz, N. (2022). Oil prices and sectoral stock returns in the BRICS-T countries: A time-varying approach. Resources Policy, 79, 103044. https://doi.org/10.1016/j.resourpol.2022.103044
  • Chen, N.F., Roll, R. and Ross, S.A. (1986). Economic forces and the stock market. Journal of Business, 59(3), 383-403. Retrieved from https://www.jstor.org/
  • Choudhri, E.U. and Hakura, D.S. (2006). Exchange rate pass-through to domestic prices: Does the inflationary environment matter? Journal of International Money and Finance, 25(4), 614-639. https://doi.org/10.1016/j.jimonfin.2005.11.009
  • Ciner, C. (2001). Energy shocks and financial markets: Nonlinear linkages. Studies in Nonlinear Dynamics & Econometrics, 5(3), 203-212. https://doi.org/10.2202/1558-3708.1079
  • Çatık, A.N., Kışla, G.H. and Akdeni̇z, C. (2020). Time-varying impact of oil prices on sectoral stock returns: Evidence from Turkey. Resources Policy, 69, 101845. https://doi.org/10.1016/j.resourpol.2020.101845
  • Davis, S.J. (2016). An index of global economic policy uncertainty (NBER Working Paper Series No. w22740). Retrieved from https://www.nber.org/system/files/working_papers/w22740/w22740.pdf
  • Dickey, D.A. and Fuller, W.A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a), 427-431. https://doi.org/10.1080/01621459.1979.10482531
  • Driesprong, G., Jacobsen, B. and Maat, B. (2008). Striking oil: Another puzzle? Journal of Financial Economics, 89(2), 307-327. https://doi.org/10.1016/j.jfineco.2007.07.008
  • Economic Policy Uncertainty. (2022). Global economic policy uncertainty index [Dataset]. Retrieved from https://www.policyuncertainty.com/index.html
  • Enerdata. (2022). World energy and climate statistics [Dataset]. Retrieved from https://yearbook.enerdata.net/total-energy/world-consumption-statistics.html
  • Engle, R.F. and Granger, C.W. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 55(2), 251-276. https://doi.org/10.2307/1913236
  • Ewing, B.T., Forbes, S.M. and Payne, J.E. (2003). The effects of macroeconomic shocks on sector-specific returns. Applied Economics, 35(2), 201-207. https://doi.org/10.1080/0003684022000018222
  • Friedman, E.A. (2001). Airline antitrust: Getting past the oligopoly problem. University of Miami Business Law Review, 9, 121-144. Retrieved from https://heinonline.org/HOL/
  • Gisser, M. and Goodwin, T.H. (1986). Crude oil and the macroeconomy: Tests of some popular notions: Note. Journal of Money, Credit and Banking, 18(1), 95-103. https://doi.org/10.2307/1992323
  • Godfrey, L. (1978). Testing against general autoregressive and moving average error models when the regressors include lagged dependent variables. Econometrica, 46(6), 1293–1302. https://doi.org/10.2307/1913829
  • Gogineni, S. (2010). Oil and the stock market: An industry level analysis. Financial Review, 45(4), 995-1010. https://doi.org/10.1111/j.1540-6288.2010.00282.x
  • Goldfajn, I. and Werlang, S.R.D.C. (2000). The pass-through from depreciation to inflation: A panel study (Banco Central de Brasil Working Paper No. 5). Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=224277
  • Hamilton, J.D. (1983). Oil and the macroeconomy since World War II. Journal of Political Economy, 91(2), 228-248. https://doi.org/10.1086/261140
  • Hamilton, J.D. (2003). What is an oil shock? Journal of Econometrics, 113(2), 363-398. https://doi.org/10.1016/S0304-4076(02)00207-5
  • Hamilton, J.D. (2008). Oil and the macroeconomy. In M.Vernengo, E.P.Caldentey and J.B.Rosser Jr. (Eds.), The New Palgrave dictionary of economics (pp. 1-16). London: Palgrave Macmillan.
  • Hammoudeh, S. and Choi, K. (2007). Characteristics of permanent and transitory returns in oil-sensitive emerging stock markets: The case of GCC countries. Journal of International Financial Markets, Institutions and Money, 17(3), 231-245. https://doi.org/10.1016/j.intfin.2005.11.002
  • Hammoudeh, S. and Li, H. (2005). Oil sensitivity and systematic risk in oil-sensitive stock indices. Journal of Economics and Business, 57(1), 1-21. https://doi.org/10.1016/j.jeconbus.2004.08.002
  • Hooker, M.A. (2002). Are oil shocks inflationary? Asymmetric and nonlinear specifications versus changes in regime. Journal of Money, Credit and Banking, 34(2), 540-561. Retrieved from https://www.jstor.org/
  • IMF. (2022). Primary commodity prices [Dataset]. Retrieved from https://www.imf.org/en/Research/commodity-prices
  • İlhan, A. and Akdeniz, C. (2020). The impact of macroeconomic variables on the stock market in the time of Covid-19: The case of Turkey. Journal of Research in Economics Politics and Finance, 5(3), 893-912. https://doi.org/10.30784/epfad.810630
  • Johansen, S. (1991). Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models. Econometrica: Journal of the Econometric Society, 59(6), 1551-1580. https://doi.org/10.2307/2938278
  • Johansen, S. (1995). Identifying restrictions of linear equations with applications to simultaneous equations and cointegration. Journal of Econometrics, 69(1), 111-132. https://doi.org/10.1016/0304- 4076(94)01664-L
  • Jones, C.M. and Kaul, G. (1996). Oil and the stock markets. The Journal of Finance, 51(2), 463-491. https://doi.org/10.1111/j.1540-6261.1996.tb02691.x
  • Kang, W., de Gracia, F.P. and Ratti, R.A. (2021). Economic uncertainty, oil prices, hedging and US stock returns of the airline industry. The North American Journal of Economics and Finance, 57, 101388. https://doi.org/10.1016/j.najef.2021.101388
  • Kilian, L. (2008). The economic effects of energy price shocks. Journal of Economic Literature, 46(4), 871-909. https://doi.org/10.1257/jel.46.4.871
  • Kök, D. and Nazlıoğlu, E.H. (2022). Enerji arz güvenliği, petrol fiyatları ve pay piyasalarında nedensellik ilişkisi: BRICS-T örneği. Journal of Research in Economics Politics and Finance, 7(1), 220-237 . https://doi.org/10.30784/epfad.1081603
  • Lee, K., Ni, S. and Ratti, R.A. (1995). Oil shocks and the macroeconomy: The role of price variability. The Energy Journal, 16(4), 39-56. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol16-No4-2
  • McSweeney, E.J. and Worthington, A.C. (2008). A comparative analysis of oil as a risk factor in Australian industry stock returns, 1980‐2006. Studies in Economics and Finance, 25(2), 131-145. https://doi.org/10.1108/10867370810879447
  • Meyer, J.R. (1964). Competition, market structure and regulatory institutions in transportation. Virginia Law Review, 50(2), 212-230. https://doi.org/10.2307/1071074
  • Miller, J.I. and Ratti, R.A. (2009). Crude oil and stock markets: Stability, instability, and bubbles. Energy Economics, 31(4), 559-568. https://doi.org/10.1016/j.eneco.2009.01.009
  • Mohanty, S.K. and Nandha, M. (2011). Oil risk exposure: The case of the US oil and gas sector. Financial Review, 46(1), 165-191. https://doi.org/10.1111/j.1540-6288.2010.00295.x
  • Mork, K.A. (1994). Business cycles and the oil market. The Energy Journal, 15(Special Issue), 15-38. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol15-NoSI-3
  • Nandha, M. and Brooks, R. (2009). Oil prices and transport sector returns: An international analysis. Review of Quantitative Finance and Accounting, 33(4), 393-409. https://doi.org/10.1007/s11156-009- 0120-4
  • Nandha, M. and Faff, R. (2008). Does oil move equity prices? A global view. Energy Economics, 30(3), 986-997. https://doi.org/10.1016/j.eneco.2007.09.003
  • Narayan, P.K. and Sharma, S.S. (2011). New evidence on oil price and firm returns. Journal of Banking & Finance, 35(12), 3253-3262. https://doi.org/10.1016/j.jbankfin.2011.05.010
  • Pesaran, M.H., Shin, Y. and Smith, R.J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
  • Phillips, P.C. and Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346. https://doi.org/10.1093/biomet/75.2.335
  • Ramsey, J.B. (1969). Tests for specification errors in classical linear least‐squares regression analysis. Journal of the Royal Statistical Society: Series B (Methodological), 31(2), 350-371. https://doi.org/10.1111/j.2517-6161.1969.tb00796.x
  • Riaz, A., Hongbing, O., Hashmi, S.H. and Khan, M.A. (2018). The impact of economic policy uncertainty on US transportation sector stock returns. International Journal of Academic Research in Accounting, Finance and Management Sciences, 8(4), 163-170. http://dx.doi.org/10.6007/IJARAFMS/v8-i4/5500
  • Sadorsky, P. (1999). Oil price shocks and stock market activity. Energy Economics, 21(5), 449-469. https://doi.org/10.1016/S0140-9883(99)00020-1
  • Sharpe, W.F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425-442. https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
  • Songur, M. (2021). A review on the relationship between oil prices and stock prices in Turkey: New evidences from Fourier approach. Journal of Research in Economics Politics and Finance, 6(1), 101-111. doi:10.30784/epfad.809222
  • Stokes, H.H. and Neuburger, H.M. (1998). New methods in financial modeling: Explorations and applications. Westport: Quorum Books.
  • Tokmak, B. (2020). Probability of default modelling using macroeconomic factors (Unpublished doctoral dissertation). Middle East Technical University, Ankara, Turkey.
  • Tsai, C.L. (2015). How do US stock returns respond differently to oil price shocks pre-crisis, within the financial crisis, and post-crisis? Energy Economics, 50, 47-62. https://doi.org/10.1016/j.eneco.2015.04.012
  • Turkish Statistical Institute. (2022). Industrial production index [Dataset]. Retrieved from https://www.tuik.gov.tr/
Toplam 62 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Makaleler
Yazarlar

Türker Açıkgöz 0000-0002-5613-1929

Özge Sezgin Alp 0000-0003-3219-0948

Yayımlanma Tarihi 30 Eylül 2023
Kabul Tarihi 18 Eylül 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 8 Sayı: 3

Kaynak Göster

APA Açıkgöz, T., & Sezgin Alp, Ö. (2023). The Impact of Oil Prices on The Transportation Industry Stock Returns: The Case of the Turkish Equity Market. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 8(3), 425-439. https://doi.org/10.30784/epfad.1297913