Can environmental sustainability be used to manage energy price risk?

Energy Economics

Volumn 32, Issue 5, 2010, Pages 1131-1138

  Henriques, Irene ^a   Sadorsky, Perry ^a  

^a YORK UNIVERSITY   (Canada)

Author keywords

Energy price risk; Environmental sustainability; Oil prices; Stock prices

Indexed keywords

ECONOMIC GROWTHS; ENERGY PRICES; ENERGY SECURITY; ENVIRONMENTAL SUSTAINABILITY; OIL PRICES; STOCK PRICE;

CLIMATE CHANGE; ECONOMICS; GAS INDUSTRY; SUSTAINABLE DEVELOPMENT;

COSTS;

COMMODITY PRICE; CRUDE OIL; ENERGY MARKET; MODELING; RISK ASSESSMENT; SUSTAINABILITY;

EID: 77956775167     PISSN: 01409883     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.eneco.2010.01.006     Document Type: Article

References (52)

1. Aiken L., West S. Multiple Regression: Testing and Interpreting Interactions 1991, Sage, London.
2. Al-Mudhaf A., Goodwin T.H. Oil shocks and oil stocks: evidence from the 1970s. Applied Economics 1993, 25:181-190.
3. Basher S.A., Sadorsky P. Oil price risk and emerging stock markets. Global Finance Journal 2006, 17(2):224-251.
4. Becchetti L., Di Giacomo S., Pinnacchio D. Corporate social responsibility and corporate performance: evidence from a panel of US listed companies. Applied Economics 2008, 40:541-567.
5. Beck N., Katz J. What to do (and not do) with time-series cross-section data. American Political Science Review 1995, 89:634-647.
6. Bodie Z., Kane A., Marcus A.J. Investments 1996, Richard D. Irwin, Englewood NJ. 3rd edition.
7. Boyer M.M., Filion D. Common and fundamental factors in stock returns of Canadian oil and gas companies. Energy Economics 2007, 29:428-453.
8. Bradburd R.M., Ross D.R. Can small firms find and defend niches? A test of the Porter hypothesis. Review of Economics and Statistics 1989, 71:258-262.
9. Brealey R., Myers S. Principles of Corporate Finance 2000, Irwin McGraw-Hill. 6th edition.
10. British Petroleum BP Statistical Review of World Energy 2008, www.bp.com.
11. Busch T., Hoffmann V.H. Emerging carbon constraints for corporate risk management. Ecological Economics 2007, 62:518-528.
12. Capon N., Farley J.U., Hoenig S. Determinants of financial performance: a meta-analysis. Management Science 1990, 36(10):1143-1159.
13. Caves R., Barton D. Efficiency in US Manufacturing Industries 1990, MIT Press, Cambridge.
14. Chen N.-F. Financial investment opportunities and the macroeconomy. Journal of Finance 1991, 46:529-554.
15. Chen N.-F., Roll R., Ross S.A. Economic forces and the stock market. Journal of Business 1986, 59:383-403.
16. Economic Report of the President, 2006. US Government Printing Office, Washington, DC.
17. El-Sharif I., Brown D., Burton B., Nixon B., Russell A. Evidence on the nature and extent of the relationship between oil prices and equity values in the UK. Energy Economics 2005, 27:819-830.
18. Enkvist P.-A., Nauclér T., Oppenheim J.M. Business strategies for climate change. McKinsey Quarterly 2008, 2:p24-p33.
19. Esty D.C., Winston A.S. Green to Gold: How Smart Companies use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage 2006, Yale University Press, New Haven.
20. Faff R.W., Brailsford T.J. Oil price risk and the Australian stock market. Journal of Energy Finance and Development 1999, 4:69-87.
21. Ferderer J. Oil price volatility and the macroeconomy. Journal of Macroeconomics 1996, 18(1):1-26.
22. Ferson W.W., Harvey C.R. Sources of risk and expected returns in global equity markets. Journal of Banking and Finance 1994, 18:775-803.
23. Ferson W.W., Harvey C.R. Predictability and time-varying risk in world equity markets. Research in Finance 1995, 13:25-88.
24. Goldman Sachs The top ten financial risks to the global economy: a dialogue of critical perspectives 2005, Global Markets Institute at Goldman Sachs and Co, Available at: http://www2.goldmansachs.com/citizenship/global-initiatives/research-and-conferences/past-research/top-ten-risks-pdf.
25. Greene W.H. Econometric Analysis 2007, Pearson International, New York. 6th edition.
26. Hammoudeh S., Aleisa E. Dynamic relationships among GCC stock markets and NYMEX oil futures. Contemporary Economic Policy 2004, 22(2):250-269.
27. Hammoudeh S., Huimin L. Oil sensitivity and systematic risk in oil-sensitive stock indices. Journal of Economics and Business 2005, 57:1-21.
28. Hammoudeh S., Dibooglu S., Aleisa E. Relationships among U.S. oil prices and oil industry equity indices. International Review of Economics and Finance 2004, 13:427-453.
29. Hart S.L. A natural resource based view of the firm. Academy of Management Review 1995, 20:986-1014.
30. Hart S.L., Milstein M.B. Creating sustainable value. Academy of Management Executive 2003, 17(2):56-69.
31. Henriques I., Sadorsky P. Oil prices and the stock prices of alternative energy companies. Energy Economics 2008, 30:998-1010.
32. Hilliard J.E., Danielsen A. World oil prices and equity returns of major oil and auto companies. Resources and Energy 1984, 6:259-276.
33. Huang R.D., Masulis R.W., Stoll H.R. Energy shocks and financial markets. Journal of Futures Markets 1996, 16(1):1-27.
34. Huang B.-N., Hwang M.J., Peng H.-P. The asymmetry of the impact of oil price shocks on economic activities: an application of the multivariate threshold model. Energy Economics 2005, 27:455-476.
35. Jin Y., Jorion P. Firm value and hedging: evidence from U.S. oil and gas producers. Journal of Finance 2006, 71:893-919.
36. Jones C.M., Kaul G. Oil and the stock markets. Journal of Finance 1996, 51(2):463-491.
37. Kaneko T., Lee B.S. Relative importance of economic factors in the U.S and Japanese stock markets. Journal of the Japanese and International Economies 1995, 9:290-307.
38. Kennedy P. A guide to econometrics 2003, MIT Press, Cambridge MA.
39. Nandha M., Faff R. Does oil move equity prices? A global view. Energy Economics 2008, 30(3):986-997.
40. Papapetrou E. Oil price shocks, stock markets, economic activity and employment in Greece. Energy Economics 2001, 23:511-532.
41. Park J., Ratti R.A. Oil price shocks and stock markets in the U.S. and 13 European countries. Energy Economics 2008, 23:511-532.
42. Rajgopal S. Early evidence on the informativeness of the SEC's market risk disclosures: the case of commodity price risk exposure of oil and gas producers. Accounting Review 1999, 74:251-280.
43. Sadorsky P. Oil price shocks and stock market activity. Energy Economics 1999, 21(5):449-469.
44. Sadorsky P. Risk factors in stock returns of Canadian oil and gas companies. Energy Economics 2001, 23:17-28.
45. Sadorsky P. The macroeconomic determinants of technology stock price volatility. Review of Financial Economics 2003, 12:191-205.
46. Sadorsky P. Modelling and forecasting petroleum futures volatility. Energy Economics 2006, 28:467-488.
47. Sadorsky P. Assessing the impact of oil prices on firms of different sizes: its tough being in the middle. Energy Policy 2008, 36(10):3854-3861.
48. Scherer F.M. Industrial Market Structure and Economic Performance 1980, Rand McNally, Chicago. 2nd edition.
49. Schumpeter J. Capitalism, Socialism and Democracy 1942, Harper and Brothers, New York.
50. Sharfman M.P., Fernando C.S. Environmental risk management and the cost of capital. Strategic Management Journal 2008, 29:569-592.
51. Stern N. The Economics of Climate Change: The Stern Review. Report to the Cabinet Office 2006, HM Treasury, Cambridge University Press, Cambridge.
52. Stern N. The Global Deal: Climate Change and the Creation of a New Era of Progress and Prosperity 2009, Public Affairs, New York.