Dynamic Interrelationship and Volatility Spillover among Sustainability Stock Markets, Major European Conventional Indices, and International Crude Oil

Round 1

Reviewer 1 Report

The authors should clarify how previous papers (described in the literature review) contribute for this investigation and whether the results found in previous papers are different/similar to those found in this paper.

The authors should also explain why they consider that their paper contributes to policymakers as stated in the conclusions.

Finally, just one suggestion: since the data ends on January 2020, it would be interesting to explain, in the conclusions, how the results of this paper are still relevant when we consider the new reality (with Covid19). 

Author Response

Dear Reviewer

I would like to thank you very much for your valuable comments for our research.

note: attached file, contains our response to your comments

thanks

Author Response File: Author Response.pdf

Reviewer 2 Report

I think the topic of this manuscript is very interesting and of great interest to the scientific world.
Deepening also the topic of sustainability, in a next research, could certainly be a relevant factor.
Very interesting is also the period taken into consideration in the manuscript, considering the various events that, in fact, have changed different realities.

Author Response

Dear Reviewer

We would like to thank you very much for the comments about our research, that will contribute to pushing us to further research.

thanks 

Reviewer 3 Report

The study analyses the relationship between oil prices, on the one hand, and stock returns and SRI indices, on the other hand, for a group of several oil-importing and oil-exporting European countries. The paper is well structured and the theoretical underpinnings of the analysis are well explained. In addition, the methodology is appropriately chosen and described and the results presented in detail. The authors state that the novelty of their analysis results from including SRIs and crude oil prices and the analysis of oil-importing/exporting European countries. However, we consider that the authors should more clearly emphasize the value-added of their study. Moreover, the practical relevance of the authors’ analysis for policy-makers and local and international investors could be presented more in-depth. In which way could the results of the analysis be incorporated in the decision-making process?

Author Response

Dear Reviewer

I would like to thank you very much for your valuable comments and suggestions.

Note: attached file contains my response to your comments and suggestions.

thanks

Author Response File: Author Response.pdf

Reviewer 4 Report

Doesn’t fit the journal.

Author Response

Dear reviewer 

I would like to thank you for you comment.