{"title":"尼日利亚的石油价格和股票市场价格","authors":"P. Nwosa","doi":"10.1111/opec.12013","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":107048,"journal":{"name":"Food Industry eJournal","volume":"86 14 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"13","resultStr":"{\"title\":\"Oil Prices and Stock Market Price in Nigeria\",\"authors\":\"P. Nwosa\",\"doi\":\"10.1111/opec.12013\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":107048,\"journal\":{\"name\":\"Food Industry eJournal\",\"volume\":\"86 14 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2014-03-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"13\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Food Industry eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1111/opec.12013\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Food Industry eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/opec.12013","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
