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Article

COVID-19 Vaccinations and the Volatility of Energy Companies in International Markets

by
Ender Demir
1,
Renatas Kizys
2,
Wael Rouatbi
3 and
Adam Zaremba
3,4,*
1
Department of Business Administration, School of Social Sciences, Reykjavik University, Menntavegur 1, 102, 101 Reykjavík, Iceland
2
Department of Banking and Finance, Southampton Business School, Highfield Campus, University of Southampton, Southampton SO17 1BJ, UK
3
Montpellier Business School, 34185 Montpellier, France
4
Department of Investment and Financial Markets, Institute of Finance, Poznan University of Economics and Business, 61-875 Poznan, Poland
*
Author to whom correspondence should be addressed.
J. Risk Financ. Manag. 2021, 14(12), 611; https://doi.org/10.3390/jrfm14120611
Submission received: 3 November 2021 / Revised: 9 December 2021 / Accepted: 10 December 2021 / Published: 17 December 2021
(This article belongs to the Special Issue The Impact of COVID-19 on Economy, Energy, and Environment)
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Abstract

The COVID-19 pandemic has elevated both the risk and volatility of energy companies. Can mass vaccinations restore stability within this sector? To answer this question, we investigate stock market data from fifty-eight countries from January 2020 to April 2021. We document that vaccination programs assist in decreasing the volatility of energy stocks around the world. The drop in volatility is statistically and economically significant and robust to many considerations. The observed phenomenon survives a broad battery of control variables; it is also independent of the employed regression model or the volatility measurement approach. Moreover, the effect is not driven by the dynamics of the pandemic itself or the associated government interventions. Finally, we find the influence of vaccinations on energy stock volatility to be more pronounced in developed markets rather than in emerging ones. Our findings bear clear practical implications: policy makers around the world should consider the essential role of vaccinations in the energy sector.
Keywords: COVID-19 pandemic; vaccinations; stock market volatility; energy companies; coronavirus; international equity markets COVID-19 pandemic; vaccinations; stock market volatility; energy companies; coronavirus; international equity markets

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MDPI and ACS Style

Demir, E.; Kizys, R.; Rouatbi, W.; Zaremba, A. COVID-19 Vaccinations and the Volatility of Energy Companies in International Markets. J. Risk Financ. Manag. 2021, 14, 611. https://doi.org/10.3390/jrfm14120611

AMA Style

Demir E, Kizys R, Rouatbi W, Zaremba A. COVID-19 Vaccinations and the Volatility of Energy Companies in International Markets. Journal of Risk and Financial Management. 2021; 14(12):611. https://doi.org/10.3390/jrfm14120611

Chicago/Turabian Style

Demir, Ender, Renatas Kizys, Wael Rouatbi, and Adam Zaremba. 2021. "COVID-19 Vaccinations and the Volatility of Energy Companies in International Markets" Journal of Risk and Financial Management 14, no. 12: 611. https://doi.org/10.3390/jrfm14120611

APA Style

Demir, E., Kizys, R., Rouatbi, W., & Zaremba, A. (2021). COVID-19 Vaccinations and the Volatility of Energy Companies in International Markets. Journal of Risk and Financial Management, 14(12), 611. https://doi.org/10.3390/jrfm14120611

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