...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Energy economics >Impact of oil price change on airline's stock price and volatility: Evidence from China and South Korea
【24h】

Impact of oil price change on airline's stock price and volatility: Evidence from China and South Korea

机译：石油价格变动对航空公司股价和波动性的影响：来自中国和韩国的证据

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Generally, the influence of crude oil price on the industries (enterprises) varies because they have different levels of reliance on crude oil. For airlines, the expenditure on fuel accounts for a considerable proportion of their gross costs; thus, airlines are unusually sensitive to changes in the crude oil price. The discussion on the relationship between crude oil price and airlines will help the airlines improve their ability to cope with the crude oil price risk. In addition, the responses of South Korean and Chinese airlines in the event of a price shock, that take, are also very important as the airplane is a basic form of transportation in many countries. This study investigates the impact of three crude oil price (WTI, Brent, Dubai) change on the stock price and volatility of four airlines (Korean Air, Asiana Airlines, Air China, and China Eastern Airlines) using VAR-GARCH-BEKK model. The main findings are as follows. There is return and volatility spillover effect between crude oil price and the stock prices of airlines. The volatility spillover effect between the crude oil price and airlines' stock price is more significant than the return spillover effect. Compared with the transportation industry, the stock prices of smaller airlines of South Korea and China are relatively more sensitive to the change in oil price. In addition, compared with Korea's airlines, China's airlines are influenced more by the oil price change, implying that spillover effects owing to oil price are closely related to the different characteristics of the air transport markets of the two countries. (C) 2018 Elsevier B.V. All rights reserved.
机译：通常，原油价格对行业（企业）的影响各不相同，因为它们对原油的依赖程度不同。对于航空公司而言，燃料支出占其总成本的很大一部分；因此，航空公司对原油价格的变化异常敏感。对原油价格与航空公司之间关系的讨论将有助于航空公司提高应对原油价格风险的能力。此外，由于飞机是许多国家/地区的基本运输方式，因此韩国和中国航空公司在价格冲击时的反应也非常重要。本研究使用VAR-GARCH-BEKK模型研究了三种原油价格（WTI，布伦特，迪拜）变化对四种航空公司（韩航，韩亚航空，国航和中国东方航空）的股价和波动性的影响。主要发现如下。原油价格与航空公司的股价之间存在收益和波动性溢出效应。原油价格和航空公司股票价格之间的波动溢出效应比收益溢出效应更为显着。与运输业相比，韩国和中国较小的航空公司的股价对油价的变化相对更敏感。此外，与韩国的航空公司相比，中国的航空公司受到油价变化的影响更大，这意味着由油价引起的溢出效应与两国航空运输市场的不同特征密切相关。 （C）2018 Elsevier B.V.保留所有权利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号