Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/125873 
Year of Publication: 
2015
Series/Report no.: 
Hohenheim Discussion Papers in Business, Economics and Social Sciences No. 15-2015
Publisher: 
Universität Hohenheim, Fakultät Wirtschafts- und Sozialwissenschaften, Stuttgart
Abstract: 
This paper assesses the attitude of investors towards Democratic change by performing an event study using Russian government bonds. The Revolution of 1905 offers an ideal occasion as, alongside the related revolutionary events, it was accompanied by two opposing constitutional changes within a short period of time. This study contributes to the debate as to whether Imperial Russia could possibly have followed other Western European states, i.e. gradually adopting a democratic rule, or whether a revolution was inevitable - as the writing of Soviet history suggests. Furthermore, the Russo-Japanese War is taken into consideration. The results are basically in line with the literature on the impact of wars on capital markets. Prices of two types of bonds on both the Saint Petersburg and the Berlin stock exchange are employed. As it turns out, investors in the East and West were largely consistent in their reactions.
Subjects: 
russian economic history
political stock market
Democratic change
impact war on stock markets
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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