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The impact of the Russia-Ukraine conflict on energy firms: A capital market perspective

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  • Nerlinger, Martin
  • Utz, Sebastian

Abstract

We investigate whether the Russia-Ukraine conflict has affected energy firms’ stock prices. Based on a global sample of 1630 energy firms, we conduct an event study around Russia's invasion on February 24, 2022. We find that cumulative average abnormal returns of these firms are positive around the event, i.e., energy firms outperformed the stock market. This outperformance is higher for North American firms than European and Asian ones. Our results provide evidence of energy firm outperformance in those export markets that compete with Russian suppliers of renewables, fossil fuels and uranium, following the Russian-Ukraine invasion.

Suggested Citation

  • Nerlinger, Martin & Utz, Sebastian, 2022. "The impact of the Russia-Ukraine conflict on energy firms: A capital market perspective," Finance Research Letters, Elsevier, vol. 50(C).
    • Handle: RePEc:eee:finlet:v:50:y:2022:i:c:s1544612322004421
    DOI: 10.1016/j.frl.2022.103243
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    References listed on IDEAS

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    More about this item

    Keywords

    Russia-Ukraine conflict; Energy firms; Event study; Stock prices;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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