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Oil prices and stock market price in Nigeria

机译：尼日利亚的石油价格和股票市场价格

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摘要

This paper examined the relationship between oil prices (international oil price and domestic oil price) and stock market price in Nigeria for the period spanning 1985:1 to 2010:4. The study utilised the Johansen's multivariate cointegration test and the vector error correction model (VECM). The Johansen's test showed that the variables are cointegrated, and the cointegration equation revealed that oil prices have significant relationship with stock market price in the long run. The VECM estimate only revealed a unidirectional causality from stock market price to international oil price in the long run. A unidirectional causality was also observed from domestic oil price to stock market price in the long run. The study recommended that policymakers, financial analyst and shareholders should into cognizance changes in international oil price and domestic oil price in their financial decisions given the significant impact of oil prices on stock market price in Nigeria.
机译：本文研究了尼日利亚从1985：1到2010：4期间的石油价格（国际石油价格和国内石油价格）与股票市场价格之间的关系。该研究利用了Johansen的多元协整检验和矢量误差校正模型（VECM）。 Johansen检验表明变量是协整的，并且协整方程表明，从长期来看，油价与股票市场价格有显着关系。从长远来看，VECM估计仅显示了从股票市场价格到国际石油价格的单向因果关系。从长期来看，从国内石油价格到股票市场价格也观察到单向因果关系。研究建议，考虑到石油价格对尼日利亚股票市场价格的重大影响，决策者，财务分析师和股东应在其财务决策中考虑国际石油价格和国内石油价格的变化。

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  • 来源
    《OPEC energy review》 |2014年第1期|59-74|共16页
  • 作者

    Philip Ifeakachukwu Nwosa;

  • 作者单位

    Department of Accounting, Economics and Finance, College of Management Sciences, Bells University of Technology, P. M. B. 1015 Ota, Nigeria;

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  • 正文语种 eng
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