The impact of the Russia-Ukraine conflict on energy firms: a capital market perspective

  • We investigate whether the Russia-Ukraine conflict has affected energy firms’ stock prices. Based on a global sample of 1630 energy firms, we conduct an event study around Russia's invasion on February 24, 2022. We find that cumulative average abnormal returns of these firms are positive around the event, i.e., energy firms outperformed the stock market. This outperformance is higher for North American firms than European and Asian ones. Our results provide evidence of energy firm outperformance in those export markets that compete with Russian suppliers of renewables, fossil fuels and uranium, following the Russian-Ukraine invasion.

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Author:Martin Nerlinger, Sebastian UtzORCiDGND
Frontdoor URL
Parent Title (English):Finance Research Letters
Publisher:Elsevier BV
Year of first Publication:2022
Publishing Institution:Universität Augsburg
Release Date:2022/08/22
First Page:103243
Institutes:Wirtschaftswissenschaftliche Fakultät
Fakultätsübergreifende Institute und Einrichtungen
Wirtschaftswissenschaftliche Fakultät / Institut für Betriebswirtschaftslehre
Fakultätsübergreifende Institute und Einrichtungen / Zentrum für Klimaresilienz
Wirtschaftswissenschaftliche Fakultät / Institut für Betriebswirtschaftslehre / Professur für Finanzwirtschaft mit dem Schwerpunkt Climate Finance
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):CC-BY 4.0: Creative Commons: Namensnennung (mit Print on Demand)