Сидоренко Никита Валерьевич
How do Different Types of News influence Russian Oil and Gas Companies
Совместная программа по экономике НИУ ВШЭ и РЭШ
This research is an example of so-called event study, which helps exploring the influence of different types of news on the performance of Russian Oil and Gas companies. I try to understand how stock returns of these companies depend on news from brokerage service and business daily paper. Several types of news are included in my analysis – company-related news, news concerning oil prices and some others. I am using a market model for my estimation. The results show that company news has significant effect on the daily MICEX Oil and Gas stock returns. More specifically, negative news has a stronger impact on stock’s return than positive news in its absolute value. Besides, I obtain the results which show that the companies with the majority of stocks in the ownership of government react worse on news than private companies.