OPEC's production announcements: The effect they have on stock market returns for the United States and Texas' oil sector
The objective of the this project is to determine whether OPEC’s production announcements have a negative or positive effect on stock market returns for the United States and Texas region during Jan. 2001- Dec. 2015 and whether they can manipulate the market with these announcements. Completing this project will provide important research to add to the existing literature over event study methodology and also about the correlation between OPEC’s announcements and crude oil’s stock market returns for the US market and Texas companies. Discovering this information from my research can hopefully show the negative or positive effect from OPEC’s announcement decisions towards US and local communities during Jan. 2001- Dec. 2015. With this knowledge oil dependent community leaders can then decide if diversifying the industries the community rely on is in the best interest of the city.