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Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa", Europa-Universität Viadrina >
Working Paper Series, Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa", Europa-Universität Viadrina >
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http://hdl.handle.net/10419/22113
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| Title: | | Political Orientation of Government and Stock Market Returns  |
| Authors: | | Bialkowski, Jedrzej Gottschalk, Katrin Wisniewski, Tomasz Piotr |
| Issue Date: | | 2006 |
| Series/Report no.: | | The Postgraduate Research Programme working paper series / Europa-Universität Viadrina Frankfurt (Oder), Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa" 2006,9 |
| Abstract: | | Prior research documented that U.S. stock prices tend to grow faster during Democratic administrations than during Republican administrations. This letter examines whether stock returns in other countries also depend on the political orientation of the incumbents. An analysis of 24 stock markets and 173 different governments reveals that there are no statistically significant differences in returns between left-wing and right-wing executives. Consequently, international investment strategies based on the political orientation of countries' leadership are likely to be futile. |
| Subjects: | | Stock market returns Politics Presidential puzzle |
| JEL: | | G14 G11 G15 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Paper Series, Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa", Europa-Universität Viadrina
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| p92006.pdf | | 2.1 MB | Adobe PDF |
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