Change in oil prices
Brent oil prices has been used as proxy for oil prices and change in oil
prices has been measured by using log difference i.e
Change in oil prices = ln (Brent t / Brent t-1)
Chan, Chen and Hsieh (1985), Chen and Jordan (1993) investigate the
relationship among oil prices and equity markets for US market.
It is hypothesized that an increase in oil rates is negatively related to equity
market returns