Table 1.

Descriptive statistics: Americas.

This table reports the summary statistics of returns by sector in the Americas region. The top 25, bottom 25 non-financial and financial industries are presented in Panels A, B and C, respectively. The industries are ranked based on the slope coefficient on oil price return in Eq. (1). The sample period is from 1 January 2018 to 30 April 2020.

Panel A:Non Financial Industries (Positive Exposure)				Panel B:Non Financial Industries (Negative Exposure)				Panel C: Financial industries (Top 25)
Subsector	Mean	Standard-deviation	Skewness	Subsector	Mean	Standard Deviation	Skewness	Subsector	Mean	Standard Deviation	Skewness
Oil Crude Production	–0.0005	0.0212	–3.9315	Airlines	0.0001	0.0201	–1.4138	Mortgage Finance	–0.0001	0.0178	–2.6706
Oil Equipment & Services	–0.0007	0.021	–2.2949	Household Equipment Products	–0.0002	0.0228	–2.3311	Investment Companies	0.0002	0.0139	–2.2092
Oil, Gas, Coal	–0.0003	0.0166	–2.3314	Drug Retailers	0.0002	0.0129	–0.5938	Closed End Investments	0.0002	0.0139	–2.2093
Energy	–0.0003	0.0163	–2.4415	Misc Consumer Staple	0.0007	0.0161	–0.6856	Real Estate Holding & Development	–0.0004	0.0156	–4.2495
Integrated Oil & Gas	–0.0002	0.0155	–1.9247	Toys	0.0004	0.0166	–0.5898	Real Estate Investment Services	–0.0001	0.0134	–2.0404
Pipelines	0.0001	0.0165	–2.3768	Defense	0.0007	0.0121	–0.7699	Financial Data Providers	0.0008	0.0118	–0.8845
General Mining	–0.0006	0.0232	–0.2502	Multi utilities	0.0003	0.0116	–0.7412	Hotel, Lodge REIT	–0.0002	0.0178	–1.4911
Chemicals Synthetic Fibers	–0.0006	0.0217	–0.5401	Apparel Retailer	0.0002	0.0152	–1.7931	Diversified Financial Services	0.0001	0.013	–1.0266
Copper	–0.0004	0.0211	–0.0539	Health Care Services	0.0005	0.0116	–0.6675	Financial Credit Services	0.0006	0.0126	–1.0795
Marine Transport	–0.0002	0.0198	–1.1811	Recreational Services	0.0002	0.0172	–1.7174	Mortgage REITs: Commercial	0.0003	0.0193	–0.0707
Plastics	–0.0007	0.0216	–0.3120	Drug/Grocery Stores	0.0003	0.0091	–0.3145	Mortgage REITs: Residential	0	0.0167	–2.3501
Nonferrous Metal	–0.0004	0.0187	–0.1094	Container & Packaging	0.0003	0.0116	–0.7981	Real Estate Services	0.0002	0.0153	–0.8405
Industrial Metal, Mining	–0.0003	0.0176	–0.3726	Delivery Service	0.0002	0.013	–0.4022	Divers REITs	–0.0002	0.0142	–3.4817
Alternative Energy	0.0002	0.0253	1.3737	Soft Drinks	0.0003	0.0098	–1.2410	Mortgage REITs	0	0.0153	–2.4288
Alternative Fuels	0.0012	0.0461	1.6098	Tobacco	0.0001	0.0124	–1.1848	Insurance Brokers	0.0007	0.0127	2.3233
Precious Metal, Mining	–0.0001	0.0197	–0.1230	Home Improvement Retailers	0.0007	0.0145	–2.3500	Health Care REIT	0	0.017	–3.0946
Basic Resources	–0.0002	0.0149	–0.4749	Waste & Disposal Services	0.0005	0.0103	–1.0171	Retail REITs	–0.0002	0.0155	–4.1248
Gold Mining	–0.0001	0.0234	–0.1451	Distillers Vintners	0.0005	0.0119	–2.0522	Financial Services	0.0004	0.013	–1.0387
Commercial Vehicle Lease	0.0003	0.0207	–0.8013	Aero/Defence	0.0004	0.0131	–1.1644	Infrastructure REITs	0.0006	0.0135	–0.3040
Platinum Precious Metal	0.0000	0.0253	–0.2479	Pharmaceuticals	0.0004	0.0105	–0.1937	Full Line Insurance	0	0.0141	–1.9592
Renewable Energy Equipment	0.0002	0.0256	1.4486	Pharmaceuticals & Biotech	0.0005	0.0113	–0.1573	Investment Bank, Broker	0.0004	0.0132	–0.9555
Building & Plumbing	0.0000	0.0259	–0.6331	Nondurable Household Products	0.0005	0.0102	0.7155	Banks	0.0001	0.0133	–1.1297
Oil Refinery Marketing	0.0001	0.0179	–1.1464	Biotechnology	0.0006	0.0152	–0.1591	Consumer Lending	0.0004	0.0156	–1.1074
Electronic Office Equipment	0.0001	0.0212	–1.1810	Conventional Electricity	0.0003	0.0108	–0.6414	Asset Managers	0.0003	0.0141	–0.8874
Machinery Constructions	0.0002	0.0167	–0.6380	Water	0.0002	0.0128	–0.5126	Life Insurance	0.0001	0.0149	-1.3421