Анализ влияния нефтяных цен на рынок акций стран-нефтеэкспортеров

The purpose of the study is to perform an extended analysis of the world oil price’s impact on the equity markets of the oil-exporting countries. Within the purpose stated it is necessary to solve the following tasks:  to determine the oil-exporting countries under study with the long-life functioning of the equity market, as well as to analyze the regularities and peculiarities of their functioning;  to assess the degree and nature of the direct impact of the oil price signal on the dynamics of equity quotes in the countries under study, focusing on the national equity indices in the corresponding country;  to build a model for the analysis of the indirect influence of the oil price signal on the dynamics of equity prices, taking into account theoretical ideas about the functioning of the raw open economy;  to estimate the model of Russia’s and Norway’s data;  to check the findings for robustness by changing the source model and time ranges. The following conclusions can be noted as the main results of the thesis research. A robust (stable) econometric model has been established to determine the sensitivity of equity markets in oil-exporting countries to changes in certain risk factors, including oil prices. The characteristics describing the quality of the underlying assets for public companies in the industry under study are presented. The quality of underlying assets is an objective basis that determines the entry of certain types of investors' shares into the market. The weak sensitivity of the equity market to oil price changes is established. It is observed in oil-exporting countries with both developing and already developed equity markets. In Russia, a slight sensitivity is caused by the immaturity of the equity market, whereas in the group of developed countries – by the adaptation of investor strategies in the shares of companies to fluctuations in oil prices (hedging) over a long-term period.