Investigation the Relationship Price of Oil with the Price Changes and the Oil Companies Stock Return (Petroleum Products, Chemicals, Rubber and Plastics) On the Tehran Stock Exchange
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2015, Vol 9, Issue 4
Abstract
The country's capital market is influenced by internal and external factors. One of the most important external factors, the volatility of oil prices. Much research on the correlation between oil price changes has been made to the stock exchange. Most of this research has been done abroad that this dependence is observed in most of them. The main objective of this study was to "investigate the relationship between oil prices and changes in yields and stock prices of oil companies (petroleum, chemical, rubber and plastic) Tehran Stock Exchange during the period 2008 to 2013".In this study, the price and performance of firms as the dependent variable, changes in oil prices as the dependent variable of the regression models used to test hypotheses. The results showed that: 1- Between oil prices and oil industry stock price index is imperfect correlation and straightforward. 2- Between oil prices Chemical substances stock price index is imperfect correlation and straightforward. 3- Between oil prices Rubber and Plastics stock price index is imperfect correlation and straightforward. 4- Between oil prices and Petroleum products industry stock returns in the Tehran Stock Exchange is correlation imperfect and direct. 5- Between oil prices and oil industry stock returns in the Tehran Stock Exchange is correlation imperfect and direct. 6- Between oil prices and Rubber and Plastics industry stock returns in the Tehran Stock Exchange is correlation imperfect and direct.
Authors and Affiliations
Jamshid Shahnavazi| Department of Accounting, college of Human Science, zahedan Science and research branch, Islamic Azad University, Zahedan, Iran, Farahdokht Ebadi| Department of Accounting, college of Human Science, zahedan Science and research branch, Islamic Azad University, Zahedan, Iran
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