In this article, we provide a structured review of crude oil price dynamics. Specifically, we
summarize evidence on important factors determining oil prices, cover the impact of oil …

More than 12 years after the historical oil price spike, the financialization of commodities and
the interaction among different types of commodity investors remain a hot topic. We review …

This paper develops a novel method for classifying oil price changes as supply or demand
driven using information in asset prices. Motivated by a simple model, demand shocks are …

Active equity funds care about fund size, affected by fund flows that obey a strong factor
structure with the common component responding to macroeconomic shocks. Funds hedge …

In this paper we develop the first model to incorporate the dynamic productivity
consequences of both the spending effect and the resource movement effect of oil …

We document challenges to the notion of a trade-off between systematic risk and expected
returns when analyzing the empirical ability of stock characteristics to predict excess returns …

This paper documents a previously unrecognized debt‐related investment distortion. Using
detailed project‐level data for 69 firms in the oil and gas industry, we find that highly levered …

We use a new micro data set to compile some key facts about the oil market and estimate a
structural industry equilibrium model that is consistent with these facts. We find that demand …

In recent years, we have observed significant growth in unconventional energy, shale
energy, in particular in the United States. There was a boom, followed by a bust. The plunge …

High levels of uncertainty about long-run oil supplies from 2005 to 2012 coincided with
significant changes in oil futures markets. Motivated by this fact, this paper provides new …