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Asia-Pacific Financial Markets

14.02.2024 | Original Research

The Asymmetric Interaction Between Oil Price Change and Stock Returns of the Renewable Energy Companies in India: A Panel NARDL Approach

verfasst von: Lalatendu Mishra, Rajesh H. Acharya

Erschienen in: Asia-Pacific Financial Markets

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Abstract

This study aims to investigate the oil price asymmetric effect on stock return of renewable energy companies. We apply panel Non-linear Autoregressive Distributed Lag to examine the effect of positive and negative changes in the oil price. The monthly data of all renewable energy companies listed in the National Stock Exchange of India are considered for the analysis. We find the oil price asymmetric effect only on stock returns of the standalone renewable products and services companies in the long run. This asymmetric effect is not found in the whole sample and other sub-groups of renewable energy companies. The findings would be useful to investors, portfolio managers, corporate managers and policymakers.

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Titel: The Asymmetric Interaction Between Oil Price Change and Stock Returns of the Renewable Energy Companies in India: A Panel NARDL Approach
verfasst von: Lalatendu Mishra
Rajesh H. Acharya
Publikationsdatum: 14.02.2024
Verlag: Springer Japan
Erschienen in: Asia-Pacific Financial Markets
Print ISSN: 1387-2834
Elektronische ISSN: 1573-6946
DOI: https://doi.org/10.1007/s10690-024-09447-w