Arezki, Rabah; Cho, Caleb; Nguyen, Ha; Nguyen, Kate; … - 2022
prices statistically significantly reduces stock returns of oil firms. On average, a one percent decline in oil prices leads … oil prices on stock returns of oil firms. The liquidity backstop provided by the Federal Reserve appears not to have muted … identification through heteroskedasticity exploiting the 2020 oil crash. Results are twofold. First, we find that a decline in oil …