{"id":1049,"date":"2018-06-22T18:45:00","date_gmt":"2018-06-22T18:45:00","guid":{"rendered":"https:\/\/nau.edu\/franke\/?page_id=1049"},"modified":"2022-11-29T01:50:43","modified_gmt":"2022-11-29T01:50:43","slug":"investor-sentiment-oil-prices","status":"publish","type":"page","link":"https:\/\/in.nau.edu\/college-business\/faculty-resources\/faculty-research\/investor-sentiment-oil-prices\/","title":{"rendered":"Working paper series: Investor Sentiment &#038; Oil Prices"},"content":{"rendered":"<div class=\"nau-block nau-block-left-nav-top-bound\">\n    \t<button id=\"left-nav-toggle-btn\" onclick=\"toggleNav();\">\n\t\tON THIS PAGE \n\t\t<i id=\"chevron-icon\" class=\"fas fa-solid fa-chevron-down\"><\/i>\n\t<\/button>\n\t<div id=\"left-nav-menu-track\">\n\t\t<div id=\"left-nav-wrapper\">\n\t\t\t<div class=\"rfi-above-anchor-tags\">\n\t\t\t\t<div class=\"ri-container\">\n\t\t\t\t\t<a href=\"https:\/\/nau.edu\/admissions\/request-information\/\" id=\"request-info\" class=\"btn bg-true-blue left-nav-menu-bottom-button display-mobile\">Request info&nbsp;&nbsp;<\/a>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<div id=\"left-nav-menu\">\n\t\t\t\t<div class=\"menu-section menu-section-links\"><h6 class=\"hidden-mobile left-nav-list-header\">ON THIS PAGE<\/h6><ul class=\"left-nav-menu-list on-this-page\">\t\t\t\t\t\t\t\t<li><a href=\"https:\/\/in.nau.edu\/college-business\/faculty-resources\/faculty-research\/investor-sentiment-oil-prices\/#wps\" title=\"WPS 15-02\">WPS 15-02<\/a><\/li>\n\t\t\t\t\t\t\t<\/ul><div class=\"ri-container\"><a href=\"https:\/\/nau.edu\/admissions\/request-information\/\" id=\"request-info\" class=\"btn bg-true-blue left-nav-menu-bottom-button display-mobile\">Request info&nbsp;&nbsp;<\/a><\/div><\/div>\t\t\t\t\t\t\t\t<div class=\"menu-section backcolor\">\n\t\t\t\t\t<div class=\"header\">\n\t\t\t\t\t\tHOW CAN WE HELP?\t\t\t\t\t<\/div>\n\t\t\t\t\t<ul class=\"responsive-icons\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"tel:928-523-3657\"><img decoding=\"async\" src=\"https:\/\/in.nau.edu\/wp-content\/themes\/nau-marketing-2021\/img\/icon-phone.svg\" alt=\"Telephone:\"> 928-523-3657<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<li><a href=\"mailto:fcb@nau.edu\"><img decoding=\"async\" src=\"https:\/\/in.nau.edu\/wp-content\/themes\/nau-marketing-2021\/img\/icon-email.svg\" alt=\"Email:\"><span class=\"left-nav-email\"> fcb&#8203;@nau.edu <\/span><\/a><\/li>\n\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<section class=\"nau-block left-nav-section\"><header class=\"entry-header\"><div class=\"breadcrumb\"><ol class=\"breadcrumbs\"><li><a href=\"https:\/\/in.nau.edu\">IN<\/a><span class=\"breadcrumb-chevron\" aria-hidden=\"true\">&gt;<\/span><\/li><li><a href=\"https:\/\/in.nau.edu\/college-business\">College Business<\/a><span class=\"breadcrumb-chevron\" aria-hidden=\"true\">&gt;<\/span><\/li><li class=\"current\">Pages<\/li><\/ol><\/div><h1 class=\"entry-title text-left \">Working paper series: Investor Sentiment &#038; Oil Prices<\/h1><hr class=\"h1-hr  text-left \" role=\"none\"><\/header><!-- .entry-header --><\/section><!-- <section class=\"nau-block left-nav-section grid-md-12\">\n    <header class=\"entry-header\">\n        <h1 class=\"entry-title text-left \" tabindex=\"0\" id=\"h1-first\">Dummy H1<\/h1>\n        <hr class=\"h1-hr  text-left \" role=\"none\">\n    <\/header>\n<\/section> -->\n\n<section class=\"nau-block left-nav-section grid-md-12\">\n    <div class=\"page-content\">\n        \n\n<h2 class=\"wp-block-heading\" id=\"wps\">Investor Sentiment and Oil Prices<\/h2>\n\n\n\n<p>Posted November 2015<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Authors<\/h3>\n\n\n\n<p><strong>Ding Du, Ph.D.<br>Associate Professor of Economics<br>NAU-FCB<\/strong><\/p>\n\n\n\n<p><strong>Ronald J. Gunderson, Ph.D.<br>Professor of Economics<br>NAU-FCB<\/strong><\/p>\n\n\n\n<p><strong>Xiaobing Zhao, Ph.D.<br>Associate Professor of Economics<br>NAU-FCB<\/strong><\/p>\n\n\n\n\n\n\n\n<h3 class=\"wp-block-heading\">Abstract<\/h3>\n\n\n\n<p>Although both theoretical models and anecdotal accounts suggest that investor sentiment in financial markets may be a potential determinant of oil prices, there has been no empirical research that directly addresses this question. We fill this gap. Our findings suggest that investor sentiment helps to explain the fluctuations in oil prices (as well as gasoline, heating oil and oil-company stock prices). High\/low sentiment predicts subsequent low\/high oil returns particularly at longer horizons. Our findings have important theoretical as well as practical implications. In terms of theoretical implications, our findings suggest that future theoretical models of oil prices should take into account both fundamentals and investor sentiment. In terms of practical implications, our findings imply a new predictor of oil prices.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/legacy.nau.edu\/wp-content\/uploads\/sites\/80\/2018\/06\/Du_InvestorSentiment-and-OilPrices-Revised-1115.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download the full working paper (PDF)<\/a><\/div>\n<\/div>\n\n\n\n\n\n\n    <\/div>\n<\/section>\n\n<div class=\"nau-block nau-block-left-nav-bottom-bound\">\n\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":645,"featured_media":10419,"parent":149,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","ring_central_script_selection":"","footnotes":""},"class_list":["post-1049","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages\/1049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/users\/645"}],"replies":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/comments?post=1049"}],"version-history":[{"count":12,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages\/1049\/revisions"}],"predecessor-version":[{"id":10760,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages\/1049\/revisions\/10760"}],"up":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/pages\/149"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/media\/10419"}],"wp:attachment":[{"href":"https:\/\/in.nau.edu\/college-business\/wp-json\/wp\/v2\/media?parent=1049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}