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Psychological Oil Price Barrier and Firm Returns

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  • Paresh Kumar Narayan
  • Seema Narayan

Abstract

In this paper, we investigate the psychological barrier effect induced by the oil price on firm returns when the oil price reaches US$100 or more per barrel. We find evidence of the negative effect of the US$100 oil price barrier for: (a) the entire sample of 1559 firms listed on the American stock exchanges; (b) both foreign and domestic firms, with domestic firms significantly more affected; (c) the 10 different sizes of firms, with the smaller firms less affected compared to the larger firms; and (d) 17 sectors of firms, with firms in the utilities, mining, and administration sectors being the least affected.

Suggested Citation

  • Paresh Kumar Narayan & Seema Narayan, 2014. "Psychological Oil Price Barrier and Firm Returns," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 15(4), pages 318-333, October.
    • Handle: RePEc:taf:hbhfxx:v:15:y:2014:i:4:p:318-333
    DOI: 10.1080/15427560.2014.968719
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