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Impact of Russian-Ukraine war on clean energy, conventional energy, and metal markets: Evidence from event study approach

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  • Umar, Muhammad
  • Riaz, Yasir
  • Yousaf, Imran

Abstract

This article explores the impact of the Russian-Ukraine war on the metals, conventional energy, and renewable energy markets, by using an event research technique. The data collected demonstrates a significant increase in the anomalous returns that are associated with the renewable energy industry. Apart from the gas oil index, none of the conventional energy or metals markets tend to exhibit large abnormal returns on the event day. Moreover, Europe was one of the first clean energy markets to react to war. The impact was, likewise, highest on the t+1 day, which was not the case that showed replication in the other markets. War had a significant influence on gold, platinum, palladium, and nickel, among other metals.

Suggested Citation

  • Umar, Muhammad & Riaz, Yasir & Yousaf, Imran, 2022. "Impact of Russian-Ukraine war on clean energy, conventional energy, and metal markets: Evidence from event study approach," Resources Policy, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:jrpoli:v:79:y:2022:i:c:s0301420722004093
    DOI: 10.1016/j.resourpol.2022.102966
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    More about this item

    Keywords

    Energy markets; Metals markets; Event study; Russia-Ukraine War;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative

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