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Stock Prices of Renewable Energy Firms: Are There Asymmetric Responses to Oil Price Changes?

1
Department of Energy Systems Engineering, College of Engineering, Seoul National University, Seoul 03080, Korea
2
Department of Economics, School of Management, University of Alaska Fairbanks, Fairbanks, AK 99775, USA
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Author to whom correspondence should be addressed.
Economies 2018, 6(4), 59; https://doi.org/10.3390/economies6040059
Received: 2 September 2018 / Revised: 3 October 2018 / Accepted: 19 October 2018 / Published: 5 November 2018
This article revisits the question of whether crude oil prices have a positive effect on stock the prices of renewable energy firms. To examine this question carefully, we allow for the asymmetric effects of oil price changes in our modeling process, using the nonlinear autoregressive distributed lag (ARDL) approach. We find that changes in oil prices indeed have a significant, positive short-run effect on renewable energy stock prices in an asymmetric manner. However, this short-run effect does not appear to last in the long-run. View Full-Text
Keywords: asymmetry; nonlinear ARDL; oil prices; renewable energy; stock prices asymmetry; nonlinear ARDL; oil prices; renewable energy; stock prices
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Lee, D.; Baek, J. Stock Prices of Renewable Energy Firms: Are There Asymmetric Responses to Oil Price Changes? Economies 2018, 6, 59.

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