University of Leicester
Browse
U194949.pdf (5.92 MB)

Impact of oil and other economic forces on the Saudi stock market

Download (5.92 MB)
thesis
posted on 2014-12-15, 10:45 authored by Abdulaziz S. Altoyan
The Saudi Arabian Stock Market went through several changes since the substantial increase of oil prices in 1973. This study firstly analyses the impact of oil revenue in developing the market and shaping its major characteristics. Secondly, it examines the effect of oil prices fluctuation and other macroeconomic variables as a determinant of stock return over the period between 1991 and 2000.;The main empirical findings indicate that the market risk premium is the most important factor in determining stock return. The influence of oil prices fluctuation over and above the market premium was explicit in firms belonging to subsidised sectors such as electricity and agriculture.;The impact of other economic variables varies among different firms listed in the market. Exchange rate has a significant effect on the banking firms while other variables have limited impact over and above the market on various companies, indicating that the effect of these variables are captured by market index. The results of empirical analysis become more explicit when replacing the market premium factor with market timing risk. In general, study suggests that under the current circumstances, the market premium is the most appropriate measure in determining the return in the Saudi Stock Market.

History

Date of award

2004-01-01

Author affiliation

Management

Awarding institution

University of Leicester

Qualification level

  • Doctoral

Qualification name

  • PhD

Language

en

Usage metrics

    University of Leicester Theses

    Categories

    Keywords

    Exports

    RefWorks
    BibTeX
    Ref. manager
    Endnote
    DataCite
    NLM
    DC