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http://hdl.handle.net/10419/22113
  
Title:Political Orientation of Government and Stock Market Returns PDF Logo
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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