Precious metals as safe-haven for clean energy stock investment: Evidence from nonparametric Granger causality in distribution test

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dc.authoridÇevik, Emrah İsmail/0000-0002-8155-1597
dc.authorscopusid56625634400
dc.authorscopusid57091681300
dc.authorscopusid26653963900
dc.authorscopusid57222605910
dc.authorscopusid57193861016
dc.contributor.authorErdoğan, Seyfettin
dc.contributor.authorGedikli, Ayfer
dc.contributor.authorÇevik, Emrah İsmail
dc.contributor.authorErdoğan, Fatma
dc.contributor.authorÇevik, Emre
dc.date.accessioned2023-04-20T08:02:27Z
dc.date.available2023-04-20T08:02:27Z
dc.date.issued2022
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü
dc.description.abstractThe study aims to examine the connectedness between clean energy stocks and precious metals prices under the different market episodes. We employ the Granger causality-in-the distribution test proposed by Candelon and Tokpavi (2016) to investigate the presence of a causality relationship between the variables for the whole dis-tribution because the test has superior power even if the sample size is small. WilderHill Clean Energy Index is considered a benchmark for the clean energy stock market and gold, silver, platinum, and palladium prices are used for the precious metals. By using daily data from January 1, 2001, to December 12, 2021, we find that there is a unidirectional causal link running from the clean energy stock returns to the precious metal prices in the center and the left tail of the distribution. On the other hand, there is strong feedback between the variables in the right tail of the distribution. These results show that clean energy stock prices have an edge in affecting precious metal prices and precious metals cannot be used to hedge the downside risk of clean energy stock investments.
dc.identifier.doi10.1016/j.resourpol.2022.102945
dc.identifier.issn0301-4207
dc.identifier.issn1873-7641
dc.identifier.scopus2-s2.0-85136248378
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.1016/j.resourpol.2022.102945
dc.identifier.urihttps://hdl.handle.net/20.500.11776/10941
dc.identifier.volume79
dc.identifier.wosWOS:000859575300001
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorÇevik, Emrah İsmail
dc.institutionauthorErdoğan, Fatma
dc.language.isoen
dc.publisherElsevier Sci Ltd
dc.relation.ispartofResources Policy
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.subjectClean Energy
dc.subjectPrecious Metals
dc.subjectGold
dc.subjectCausality
dc.subjectHedging
dc.subjectQuantile Dependence
dc.subjectPrice Uncertainty
dc.subjectOil Prices
dc.subjectImpact
dc.subjectVolatility
dc.subjectMarkets
dc.titlePrecious metals as safe-haven for clean energy stock investment: Evidence from nonparametric Granger causality in distribution test
dc.typeArticle

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