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.
| Author: | Martin Nerlinger, Sebastian UtzORCiDGND |
|---|---|
| URN: | urn:nbn:de:bvb:384-opus4-975264 |
| Frontdoor URL | https://opus.bibliothek.uni-augsburg.de/opus4/97526 |
| ISSN: | 1544-6123OPAC |
| Parent Title (English): | Finance Research Letters |
| Publisher: | Elsevier BV |
| Type: | Article |
| Language: | English |
| Year of first Publication: | 2022 |
| Publishing Institution: | Universität Augsburg |
| Release Date: | 2022/08/22 |
| Tag: | Finance |
| Volume: | 50 |
| First Page: | 103243 |
| DOI: | https://doi.org/10.1016/j.frl.2022.103243 |
| 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 |
