Purpose

The purpose of this paper is to investigate whether management strategies implemented by non-commercial traders may be identified as a key factor in affecting oil price paths in the conventional pre- and post-financialization periods.

Design/methodology/approach

By using a vector autoregressive approach the dynamic analysis of the daily stock indexes for some of the most important world economies and the oil prices is conducted starting from 1992 to the end of 2020.

Findings

The findings do not support the idea that the financial markets act as a privileged conduit in transmitting the shocks to the oil spot quotations.

Originality/value

Such a direct assessment has not been previously proposed in literature wherein – under a financial perspective – the returns are generally taken into consideration.

中文翻译：

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在金融化背景下，机构投资者的股票投资组合策略是否影响了油价？

目的

本文的目的是研究非商业交易者实施的管理策略是否可以被确定为影响传统金融化前后时期石油价格路径的关键因素。

设计/方法/方法

通过使用向量自回归方法，对一些最重要的世界经济体的每日股票指数和石油价格进行了从 1992 年到 2020 年底的动态分析。

发现

调查结果不支持金融市场充当将冲击传递给石油现货报价的特权渠道的观点。

原创性/价值

这种直接评估以前没有在文献中提出过，其中 - 从财务角度来看 - 通常会考虑回报。