The aim of this study is to investigate the response of bank stock returns to world prices of oil and gold. Thus, our study is about seven banks in Iran, and data are selected as seasonal data for the period 2008 to 2012. Considering the nature of data, panel data method is used for the data analysis. The results show that the world oil price, with a lag, has had a significant positive effect, and the gold price has had a significant negative impact on stock return of the banks. Further results suggest that, exchange rate and interest rate have a negative impact, and inflation and gross domestic product (GDP) have a positive impact on the bank stock returns.

The aim of this study is to investigate the response of bank stock returns to world prices of oil and gold. Thus, our study is about seven banks in Iran, and data are selected as seasonal data for the period 2008 to 2012. Considering the nature of data, panel data method is used for the data anal...