# On the Dynamic Connectedness of the Stock, Oil, Clean Energy, and Technology Markets

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## Abstract

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## 1. Introduction

## 2. Review of Existing Studies

## 3. Methodology

## 4. Data

## 5. Results and Discussion

## 6. Robustness Analysis

## 7. Conclusions

## Author Contributions

## Funding

## Institutional Review Board Statement

## Informed Consent Statement

## Data Availability Statement

## Conflicts of Interest

## References

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**Figure 1.**Time series plot of the clean energy (CE), S&P 500 (ST), technology (TE), and crude oil (WTI) series. The y-axis for WTI represents the price per barrel in dollars, and the x-axis shows the sample period. All of the other three assets are indexes, with the y-axis denoting the index value and the x-axis denoting the time.

**Figure 2.**Rolling total volatility spillover index estimates among the clean energy (CE), S&P 500 (ST), technology (TE), and crude oil (WTI) series. Note: the x-axis indicates the time and the y-axis shows the percentage change in the total spillover index.

**Figure 3.**Directional spillovers TO among the clean energy (CE), S&P 500 (ST), technology (TE), and crude oil (WTI) series. Note: The x-axis indicates the time and the y-axis shows the percentage change in the directional spillover TO.

**Figure 4.**Directional spillovers FROM among the clean energy (CE), S&P 500 (ST), technology (TE), and crude oil (WTI) series. Note: The x-axis indicates the time and the y-axis shows the percentage change in the directional spillover FROM.

**Figure 5.**Net spillover among the clean energy (CE), S&P 500 (ST), technology (TE), and crude oil (WTI) series. Note: Positive values indicate transmitting spillover while negative values indicate receivers of spillover. The x-axis indicates the time.

**Figure 6.**Net pairwise spillover among clean energy (CE), S&P 500 (ST), technology (TE), and crude oil (WTI) series. Note: Positive values indicate transmitting spillover while negative values show receivers of spillover. The x-axis indicates the time.

**Figure 7.**Comparing the total volatility spillovers between the linear VAR (mean) and different quantiles by the QVAR model among the clean energy (CE), S&P 500 (ST), technology (TE), and crude oil (WTI) series. Note: The x-axis indicates the time and the y-axis shows the percentage change in the total spillover index in the mean and different quantiles.

**Table 1.**Descriptive statistics of realized volatility among the clean energy (CE), S&P 500 (ST), technology (TE), and crude oil (WTI) series.

Clean Energy | S&P 500 | Technology | WTI | |
---|---|---|---|---|

Mean | 0.034 | 0.018 | 0.024 | 0.041 |

Median | 0.030 | 0.014 | 0.020 | 0.036 |

Maximum | 0.155 | 0.103 | 0.104 | 0.152 |

Minimum | 0.015 | 0.006 | 0.009 | 0.014 |

SD | 0.018 | 0.013 | 0.013 | 0.020 |

Skewness | 3.16 | 3.19 | 2.67 | 2.21 |

Kurtosis | 17.29 | 17.30 | 13.34 | 9.90 |

CE | TE | WTI | ST | Received | |
---|---|---|---|---|---|

CE | 32.284 | 25.914 | 8.207 | 33.595 | 67.716 |

TE | 22.558 | 32.700 | 11.162 | 33.580 | 67.300 |

WTI | 10.555 | 16.352 | 52.570 | 20.524 | 47.430 |

ST | 24.324 | 28.675 | 10.675 | 36.326 | 63.674 |

Transmitted | 57.437 | 70.941 | 30.043 | 87.699 | 246.120 |

Including own | 89.721 | 103.641 | 82.613 | 124.025 | Spillover index |

NET spillovers | −10.279 | 3.641 | −17.387 | 24.025 | 61.530% |

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**MDPI and ACS Style**

Attarzadeh, A.; Balcilar, M.
On the Dynamic Connectedness of the Stock, Oil, Clean Energy, and Technology Markets. *Energies* **2022**, *15*, 1893.
https://doi.org/10.3390/en15051893

**AMA Style**

Attarzadeh A, Balcilar M.
On the Dynamic Connectedness of the Stock, Oil, Clean Energy, and Technology Markets. *Energies*. 2022; 15(5):1893.
https://doi.org/10.3390/en15051893

**Chicago/Turabian Style**

Attarzadeh, Amirreza, and Mehmet Balcilar.
2022. "On the Dynamic Connectedness of the Stock, Oil, Clean Energy, and Technology Markets" *Energies* 15, no. 5: 1893.
https://doi.org/10.3390/en15051893