• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

The Impact of News on the Stock Market Prices of Oil Companies in Russia

Student: Neznamova Anna

Supervisor: Ivan D. Kotliarov

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

This paper is devoted to studying the impact of news on the stock market prices of oil companies in Russia. It is important for every investor to know how the market reacts to various events. The event study method is used for conducting the study. Sample is based on the data belong to the five largest companies in Russian oil sector and cover the period from 2015 to 2019. In Russia, the reaction of the stock market prices of oil companies may differ significantly from the behavior of stocks of companies in other sectors. There are many empirical works that examine the relationship between news publication and stock prices volatility, but most of them rely on stock prices data from developed countries. For developing countries, including Russia, there are fewer researches. The following events were chosen for the analysis: dividend payment announcements (including an increase and decrease in the amount of dividends), publication of financial statements, news of the discovery of a new oil field or obtaining a development license by the company. The results for the events “dividend payment” and “publication of financial statements” in the oil industry coincided with the results of many other researchers. The financial news analyzed significantly influence the stock prices of oil companies in Russia. Event "a decrease in the amount of dividends" is an exception to which the market reacts neutrally. There was no theoretical basis for the “new oil field” event, however, the news also turned out to be significant for the Russian market.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses