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Research Article

EEO. 2021; 20(2): 778-786


DOMESTIC OIL PRICE REDUCTIONS AND AUTOMOBILE & SPARE PARTS INDUSTRY STOCKS; AN APPLICATION OF EVENT STUDY

Rana Yassir Hussain, Ilyas Ahmad, Haroon Hussain, Muhammad Usman, Shahbaz Khan.

Abstract
This study has a focus on the oil price reductions in the domestic market of Pakistan and its impact on the stock prices of automobile & spare parts industry of Pakistan. Oil price reductions notified by OGRA are considered as events, so an event study methodology is applied to capture any abnormal returns generated in the stock prices of this sector. This study tends to capture the variance both in time series and cross section context. To make the study statistically more rigorous both parametric and non-parametric techniques like Patellís(1976), Boehmer et al(1991), and Corrado Rank tests are applied to the data. Three consecutive oil price reductions in the last three months of the year 2014 are included in this study. A total sample of 19 companies is included, depending on the availability of data. The results prove that oil price reductions have a significant positive impact on the stock prices of automobile & spare parts industry of Pakistan.

Key words: Local Oil Price, Automobile & Spare Part Stocks, Event Study.



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