Oil and the Stock Markets
检验国际股票市场对石油冲击的反应是否可由实际现金流和预期收益的变化解释。发现美加股市反应完全由现金流变化解释，而英日股市反应过大，无法由现金流或预期收益解释。
ABSTRACT We test whether the reaction of international stock markets to oil shocks can be justified by current and future changes in real cash flows and/or changes in expected returns. We find that in the postwar period, the reaction of United States and Canadian stock prices to oil shocks can be completely accounted for by the impact of these shocks on real cash flows alone. In contrast, in both the United Kingdom and Japan, innovations in oil prices appear to cause larger changes in stock prices than can be justified by subsequent changes in real cash flows or by changing expected returns.