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dc.contributor.authorSørensen, Lars Qvingstad
dc.date.accessioned2014-12-15T12:03:49Z
dc.date.available2014-12-15T12:03:49Z
dc.date.issued2009-11
dc.identifier.issn1500-4066
dc.identifier.urihttp://hdl.handle.net/11250/227264
dc.description.abstractRecent research has documented that oil price changes lead the aggregate market in most industrialized countries, and has argued that it represents an anomaly - an underreaction to information that investors can profit from. I identify oil price changes that are caused by exogenous events and show that it is only these oil price changes that predict stock returns. The exogenous events usually correspond to periods of extreme turmoil - either military con icts in the Middle East or OPEC collapses. Given the source of the predictability, I question its usefulness as a trading strategy and its representation as an anomaly.nb_NO
dc.language.isoengnb_NO
dc.publisherFORnb_NO
dc.relation.ispartofseriesDiscussion paper;13/09
dc.titleOil Price Shocks and Stock Return Predictabilitynb_NO
dc.typeWorking papernb_NO


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