作者：Crawford, Steve; Markarian, Garen; Muslu, Volkan; Price, Richard
作者单位：University of Houston System; University of Houston; WHU - Otto Beisheim School of Management; University of Oklahoma System; University of Oklahoma - Norman
摘要：Research has failed to document a consistent association between oil prices and stock prices. We propose and examine whether that failure is due to the need to link oil price changes to firm-level changes in earnings and investments. We find that the impact of oil prices on a firm's earnings and investments varies significantly by industry and by whether the firm is an oil producer or oil consumer. Nevertheless, firm fixed effects explain more than 10 times the variation between oil prices and...
