Common and fundamental factors in stock returns of Canadian oil and gas companies
We assess the financial determinants of Canadian oil and gas company stock returns. We find that the return of Canadian energy stock is positively associated with the Canadian stock market return, with appreciations of crude oil and natural gas prices, with growth in internal cash flows and proven r...
Gespeichert in:
| Veröffentlicht in: | Energy economics 2007-05, Vol.29 (3), p.428-453 |
|---|---|
| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 453 |
|---|---|
| container_issue | 3 |
| container_start_page | 428 |
| container_title | Energy economics |
| container_volume | 29 |
| creator | Boyer, M. Martin Filion, Didier |
| description | We assess the financial determinants of Canadian oil and gas company stock returns. We find that the return of Canadian energy stock is positively associated with the Canadian stock market return, with appreciations of crude oil and natural gas prices, with growth in internal cash flows and proven reserves, and negatively with interest rates. Surprisingly, however, production volume and a weakening of the Canadian dollar against the US dollar have a negative impact. This latter impact is more pronounced for oil producers than for integrated energy companies. Finally, we find that the influence of the exchange rate, the market return and prices of natural gas on Canadian oil and gas stocks changes significantly over the years 1995–1998 and 2000–2002. |
| doi_str_mv | 10.1016/j.eneco.2005.12.003 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_miscellaneous_36587828</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><els_id>S0140988305001167</els_id><sourcerecordid>1260017581</sourcerecordid><originalsourceid>FETCH-LOGICAL-c565t-3fff7e256ec524ea4e4830efd99b34ffaa5d429087650ceaffe341cf2e7073663</originalsourceid><addsrcrecordid>eNp9kE-LFDEQxYMoOK5-Ai9B0Fv3Jql0d_rgQQb_LQsi6DmU6Ypm7E7apGdhv72ZnUXBg4FK5fB7lVePsedStFLI_vLQUiSXWiVE10rVCgEP2E6aAZpeGvmQ7YTUohmNgcfsSSkHUcG-Mzv2eZ-WJUWOceL-GCdcKG44c49uS7nwEHnZkvvJM23HHAtPnu8x4hQw8hTmO-F3LNylZcUYqDxljzzOhZ7d9wv29d3bL_sPzfWn9x_3b64bV3_eGvDeD6S6nlynNKEmbUCQn8bxG2jvEbtJq1GYoe-EI_SeQEvnFQ1igL6HC_bqPHfN6deRymaXUBzNM0ZKx2Kh7jcYZSr44h_wkOoq1ZtVUnYGhhEqBGfI5VRKJm_XHBbMt1YKe8rYHuxdxvaUsZXK1oyr6uqsyrSS-yOheiKd4BsLqMZ63Z4eQgy1hVpQa62llbG6A_tjW-qwl_c-sTicfcboQvnrw_QAqpOVe33mqKZ7Eyjb4gJFR1PI5DY7pfBf078BXMGrxQ</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>211583793</pqid></control><display><type>article</type><title>Common and fundamental factors in stock returns of Canadian oil and gas companies</title><source>RePEc</source><source>PAIS Index</source><source>Elsevier ScienceDirect Journals</source><creator>Boyer, M. Martin ; Filion, Didier</creator><creatorcontrib>Boyer, M. Martin ; Filion, Didier</creatorcontrib><description>We assess the financial determinants of Canadian oil and gas company stock returns. We find that the return of Canadian energy stock is positively associated with the Canadian stock market return, with appreciations of crude oil and natural gas prices, with growth in internal cash flows and proven reserves, and negatively with interest rates. Surprisingly, however, production volume and a weakening of the Canadian dollar against the US dollar have a negative impact. This latter impact is more pronounced for oil producers than for integrated energy companies. Finally, we find that the influence of the exchange rate, the market return and prices of natural gas on Canadian oil and gas stocks changes significantly over the years 1995–1998 and 2000–2002.</description><identifier>ISSN: 0140-9883</identifier><identifier>EISSN: 1873-6181</identifier><identifier>DOI: 10.1016/j.eneco.2005.12.003</identifier><identifier>CODEN: EECODR</identifier><language>eng</language><publisher>Amsterdam: Elsevier B.V</publisher><subject>Applied sciences ; Canada ; Data analysis ; Economic data ; Energy ; Energy economics ; Energy industry ; Exact sciences and technology ; Financial analysis ; Foreign exchange rates ; Fossil fuels and derived products ; Gas ; General, economic and professional studies ; Interest rates ; Natural gas prices ; Oil ; Oil and gas industry ; Oil companies ; Oil industry ; Panel data ; Panel data analysis ; Petroleum industry ; Securities markets ; Stock company valuation ; Stock prices ; Studies</subject><ispartof>Energy economics, 2007-05, Vol.29 (3), p.428-453</ispartof><rights>2005 Elsevier B.V.</rights><rights>2007 INIST-CNRS</rights><rights>Copyright Elsevier Science Ltd. May 2007</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c565t-3fff7e256ec524ea4e4830efd99b34ffaa5d429087650ceaffe341cf2e7073663</citedby><cites>FETCH-LOGICAL-c565t-3fff7e256ec524ea4e4830efd99b34ffaa5d429087650ceaffe341cf2e7073663</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.sciencedirect.com/science/article/pii/S0140988305001167$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,776,780,3537,3994,27843,27901,27902,65306</link.rule.ids><backlink>$$Uhttp://pascal-francis.inist.fr/vibad/index.php?action=getRecordDetail&idt=18633251$$DView record in Pascal Francis$$Hfree_for_read</backlink><backlink>$$Uhttp://econpapers.repec.org/article/eeeeneeco/v_3a29_3ay_3a2007_3ai_3a3_3ap_3a428-453.htm$$DView record in RePEc$$Hfree_for_read</backlink></links><search><creatorcontrib>Boyer, M. Martin</creatorcontrib><creatorcontrib>Filion, Didier</creatorcontrib><title>Common and fundamental factors in stock returns of Canadian oil and gas companies</title><title>Energy economics</title><description>We assess the financial determinants of Canadian oil and gas company stock returns. We find that the return of Canadian energy stock is positively associated with the Canadian stock market return, with appreciations of crude oil and natural gas prices, with growth in internal cash flows and proven reserves, and negatively with interest rates. Surprisingly, however, production volume and a weakening of the Canadian dollar against the US dollar have a negative impact. This latter impact is more pronounced for oil producers than for integrated energy companies. Finally, we find that the influence of the exchange rate, the market return and prices of natural gas on Canadian oil and gas stocks changes significantly over the years 1995–1998 and 2000–2002.</description><subject>Applied sciences</subject><subject>Canada</subject><subject>Data analysis</subject><subject>Economic data</subject><subject>Energy</subject><subject>Energy economics</subject><subject>Energy industry</subject><subject>Exact sciences and technology</subject><subject>Financial analysis</subject><subject>Foreign exchange rates</subject><subject>Fossil fuels and derived products</subject><subject>Gas</subject><subject>General, economic and professional studies</subject><subject>Interest rates</subject><subject>Natural gas prices</subject><subject>Oil</subject><subject>Oil and gas industry</subject><subject>Oil companies</subject><subject>Oil industry</subject><subject>Panel data</subject><subject>Panel data analysis</subject><subject>Petroleum industry</subject><subject>Securities markets</subject><subject>Stock company valuation</subject><subject>Stock prices</subject><subject>Studies</subject><issn>0140-9883</issn><issn>1873-6181</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2007</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><sourceid>7TQ</sourceid><recordid>eNp9kE-LFDEQxYMoOK5-Ai9B0Fv3Jql0d_rgQQb_LQsi6DmU6Ypm7E7apGdhv72ZnUXBg4FK5fB7lVePsedStFLI_vLQUiSXWiVE10rVCgEP2E6aAZpeGvmQ7YTUohmNgcfsSSkHUcG-Mzv2eZ-WJUWOceL-GCdcKG44c49uS7nwEHnZkvvJM23HHAtPnu8x4hQw8hTmO-F3LNylZcUYqDxljzzOhZ7d9wv29d3bL_sPzfWn9x_3b64bV3_eGvDeD6S6nlynNKEmbUCQn8bxG2jvEbtJq1GYoe-EI_SeQEvnFQ1igL6HC_bqPHfN6deRymaXUBzNM0ZKx2Kh7jcYZSr44h_wkOoq1ZtVUnYGhhEqBGfI5VRKJm_XHBbMt1YKe8rYHuxdxvaUsZXK1oyr6uqsyrSS-yOheiKd4BsLqMZ63Z4eQgy1hVpQa62llbG6A_tjW-qwl_c-sTicfcboQvnrw_QAqpOVe33mqKZ7Eyjb4gJFR1PI5DY7pfBf078BXMGrxQ</recordid><startdate>20070501</startdate><enddate>20070501</enddate><creator>Boyer, M. Martin</creator><creator>Filion, Didier</creator><general>Elsevier B.V</general><general>Elsevier Science</general><general>Elsevier</general><general>Elsevier Science Ltd</general><scope>IQODW</scope><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7ST</scope><scope>7TA</scope><scope>7TQ</scope><scope>8BJ</scope><scope>8FD</scope><scope>C1K</scope><scope>DHY</scope><scope>DON</scope><scope>FQK</scope><scope>JBE</scope><scope>JG9</scope><scope>SOI</scope></search><sort><creationdate>20070501</creationdate><title>Common and fundamental factors in stock returns of Canadian oil and gas companies</title><author>Boyer, M. Martin ; Filion, Didier</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c565t-3fff7e256ec524ea4e4830efd99b34ffaa5d429087650ceaffe341cf2e7073663</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2007</creationdate><topic>Applied sciences</topic><topic>Canada</topic><topic>Data analysis</topic><topic>Economic data</topic><topic>Energy</topic><topic>Energy economics</topic><topic>Energy industry</topic><topic>Exact sciences and technology</topic><topic>Financial analysis</topic><topic>Foreign exchange rates</topic><topic>Fossil fuels and derived products</topic><topic>Gas</topic><topic>General, economic and professional studies</topic><topic>Interest rates</topic><topic>Natural gas prices</topic><topic>Oil</topic><topic>Oil and gas industry</topic><topic>Oil companies</topic><topic>Oil industry</topic><topic>Panel data</topic><topic>Panel data analysis</topic><topic>Petroleum industry</topic><topic>Securities markets</topic><topic>Stock company valuation</topic><topic>Stock prices</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Boyer, M. Martin</creatorcontrib><creatorcontrib>Filion, Didier</creatorcontrib><collection>Pascal-Francis</collection><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>Environment Abstracts</collection><collection>Materials Business File</collection><collection>PAIS Index</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>Technology Research Database</collection><collection>Environmental Sciences and Pollution Management</collection><collection>PAIS International</collection><collection>PAIS International (Ovid)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><collection>Materials Research Database</collection><collection>Environment Abstracts</collection><jtitle>Energy economics</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Boyer, M. Martin</au><au>Filion, Didier</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Common and fundamental factors in stock returns of Canadian oil and gas companies</atitle><jtitle>Energy economics</jtitle><date>2007-05-01</date><risdate>2007</risdate><volume>29</volume><issue>3</issue><spage>428</spage><epage>453</epage><pages>428-453</pages><issn>0140-9883</issn><eissn>1873-6181</eissn><coden>EECODR</coden><abstract>We assess the financial determinants of Canadian oil and gas company stock returns. We find that the return of Canadian energy stock is positively associated with the Canadian stock market return, with appreciations of crude oil and natural gas prices, with growth in internal cash flows and proven reserves, and negatively with interest rates. Surprisingly, however, production volume and a weakening of the Canadian dollar against the US dollar have a negative impact. This latter impact is more pronounced for oil producers than for integrated energy companies. Finally, we find that the influence of the exchange rate, the market return and prices of natural gas on Canadian oil and gas stocks changes significantly over the years 1995–1998 and 2000–2002.</abstract><cop>Amsterdam</cop><pub>Elsevier B.V</pub><doi>10.1016/j.eneco.2005.12.003</doi><tpages>26</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0140-9883 |
| ispartof | Energy economics, 2007-05, Vol.29 (3), p.428-453 |
| issn | 0140-9883 1873-6181 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_36587828 |
| source | RePEc; PAIS Index; Elsevier ScienceDirect Journals |
| subjects | Applied sciences Canada Data analysis Economic data Energy Energy economics Energy industry Exact sciences and technology Financial analysis Foreign exchange rates Fossil fuels and derived products Gas General, economic and professional studies Interest rates Natural gas prices Oil Oil and gas industry Oil companies Oil industry Panel data Panel data analysis Petroleum industry Securities markets Stock company valuation Stock prices Studies |
| title | Common and fundamental factors in stock returns of Canadian oil and gas companies |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-02-09T00%3A47%3A55IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Common%20and%20fundamental%20factors%20in%20stock%20returns%20of%20Canadian%20oil%20and%20gas%20companies&rft.jtitle=Energy%20economics&rft.au=Boyer,%20M.%20Martin&rft.date=2007-05-01&rft.volume=29&rft.issue=3&rft.spage=428&rft.epage=453&rft.pages=428-453&rft.issn=0140-9883&rft.eissn=1873-6181&rft.coden=EECODR&rft_id=info:doi/10.1016/j.eneco.2005.12.003&rft_dat=%3Cproquest_cross%3E1260017581%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=211583793&rft_id=info:pmid/&rft_els_id=S0140988305001167&rfr_iscdi=true |