IDEAS home Printed from https://ideas.repec.org/a/eee/jbfina/v28y2004i9p2237-2258.html
   My bibliography  Save this article

Political uncertainty and asset valuation: Evidence from business relocations in Canada

Author

Listed:
  • Tirtiroglu, Dogan
  • Bhabra, Harjeet S.
  • Lel, Ugur

Abstract

No abstract is available for this item.

Suggested Citation

  • Tirtiroglu, Dogan & Bhabra, Harjeet S. & Lel, Ugur, 2004. "Political uncertainty and asset valuation: Evidence from business relocations in Canada," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2237-2258, September.
    • Handle: RePEc:eee:jbfina:v:28:y:2004:i:9:p:2237-2258
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0378-4266(03)00235-8
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. repec:bla:jfinan:v:53:y:1998:i:6:p:2243-2257 is not listed on IDEAS
    2. Rodrik, Dani, 1991. "Policy uncertainty and private investment in developing countries," Journal of Development Economics, Elsevier, vol. 36(2), pages 229-242, October.
    3. Patell, Jm, 1976. "Corporate Forecasts Of Earnings Per Share And Stock-Price Behavior - Empirical Tests," Journal of Accounting Research, Wiley Blackwell, vol. 14(2), pages 246-276.
    4. Jean-Claude Cosset & Jean-Marc Suret, 1995. "Political Risk and the Benefits of International Portfolio Diversification," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 26(2), pages 301-318, June.
    5. Ingersoll, Jonathan E, Jr & Ross, Stephen A, 1992. "Waiting to Invest: Investment and Uncertainty," The Journal of Business, University of Chicago Press, vol. 65(1), pages 1-29, January.
    6. Stephen J Kobrin, 1979. "Political Risk: A Review and Reconsideration," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 10(1), pages 67-80, March.
    7. Gemmill, Gordon, 1992. "Political risk and market efficiency: Tests based in British stock and options markets in the 1987 election," Journal of Banking & Finance, Elsevier, vol. 16(1), pages 211-231, February.
    8. Shapiro, Alan C, 1985. "Currency Risk and Country Risk in International Banking," Journal of Finance, American Finance Association, vol. 40(3), pages 881-891, July.
    9. Altug, Sumru & Demers, Fanny S & Demers, Michel, 2000. "Political Risk And Irreversible Investment: Theory And An Application To Quebec," CEPR Discussion Papers 2405, C.E.P.R. Discussion Papers.
    10. Riley, William B. & Luksetich, William A., 1980. "The Market Prefers Republicans: Myth or Reality," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(3), pages 541-560, September.
    11. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 2008. "Why Is Rent-Seeking So Costly to Growth?," Springer Books, in: Roger D. Congleton & Kai A. Konrad & Arye L. Hillman (ed.), 40 Years of Research on Rent Seeking 2, pages 213-218, Springer.
    12. Chan, Su Han & Gau, George W. & Wang, Ko, 1995. "Stock Market Reaction to Capital Investment Decisions: Evidence from Business Relocations," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 30(1), pages 81-100, March.
    13. Bailey, Warren & Chung, Y. Peter, 1995. "Exchange Rate Fluctuations, Political Risk, and Stock Returns: Some Evidence from an Emerging Market," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 30(4), pages 541-561, December.
    14. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474.
    15. Citron, Joel-Tomas & Nickelsburg, Gerald, 1987. "Country risk and political instability," Journal of Development Economics, Elsevier, vol. 25(2), pages 385-392, April.
    16. Jean-Claude Cosset & Bruno Doutriaux de la Rianderie, 1985. "Political Risk and Foreign Exchange Rates: an Efficient-Market Approach," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 16(3), pages 21-55, September.
    17. Ghosh Chinmoy & Rodriguez Mauricio & Sirmans C. F., 1995. "Gains from Corporate Headquarters Relocations: Evidence from the Stock Market," Journal of Urban Economics, Elsevier, vol. 38(3), pages 291-311, November.
    18. Kirt C Butler & Domingo Castelo Joaquin, 1998. "A note on political risk and the required return on foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 29(3), pages 599-607, September.
    19. Pauline M. Shum, 1996. "Stock Market Response to Political Uncertainty: Evidence from the 1992 Constitutional Referendum," Canadian Journal of Economics, Canadian Economics Association, vol. 29(s1), pages 213-218, April.
    20. Kasim L. Alli & Gabriel G. Ramirez & Kenneth Yung, 1991. "Corporate Headquarters Relocation: Evidence from the Capital Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(4), pages 583-600, December.
    21. Clark, Ephraim, 1997. "Valuing political risk," Journal of International Money and Finance, Elsevier, vol. 16(3), pages 477-490, June.
    22. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
    23. James A. Brander, 1991. "Election Polls, Free Trade, and the Stock Market: Evidence from the 1988 Canadian General Election," Canadian Journal of Economics, Canadian Economics Association, vol. 24(4), pages 827-843, November.
    24. Kane, Edward J, 1996. "De Jure Interstate Banking: Why Only Now?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(2), pages 141-161, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Marie‐Claude Beaulieu & Jean‐Claude Cosset & Naceur Essaddam, 2006. "Political uncertainty and stock market returns: evidence from the 1995 Quebec referendum," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(2), pages 621-642, May.
    2. Yi-Hsien Wang & Jui-Cheng Hung & Yen-Hsien Lee & Chung-Chu Chuang, 2012. "Computing regression quantiles to analysis the relationship between market behavior and political risk," Quality & Quantity: International Journal of Methodology, Springer, vol. 46(4), pages 1047-1055, June.
    3. David Albouy, 2008. "The wage gap between Francophones and Anglophones: a Canadian perspective, 1970–2000," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 41(4), pages 1211-1238, November.
    4. David Albouy, 2008. "The wage gap between Francophones and Anglophones: a Canadian perspective, 1970-2000," Canadian Journal of Economics, Canadian Economics Association, vol. 41(4), pages 1211-1238, November.
    5. Ferguson, Andrew & Lam, Peter, 2016. "Government policy uncertainty and stock prices: The case of Australia's uranium industry," Energy Economics, Elsevier, vol. 60(C), pages 97-111.
    6. Gong, Xu & Fu, Chengbo & Huang, Qiping & Lin, Meimei, 2022. "International political uncertainty and climate risk in the stock market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    7. Fatemi, Ali & Fooladi, Iraj & Sy, Oumar & Zaman, Ashraf, 2024. "Corporate headquarters relocation and CSR performance," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 622-637.
    8. Graham, Roger C. & Morrill, Cameron K.J. & Morrill, Janet B., 2012. "Does it matter where assets are held and income is derived? Further evidence of differential value relevance from Quebec," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 21(2), pages 185-197.
    9. Douglas Cumming & Grant Fleming & Armin Schwienbacher, 2009. "Corporate Relocation in Venture Capital Finance," Entrepreneurship Theory and Practice, , vol. 33(5), pages 1121-1155, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Marie‐Claude Beaulieu & Jean‐Claude Cosset & Naceur Essaddam, 2006. "Political uncertainty and stock market returns: evidence from the 1995 Quebec referendum," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(2), pages 621-642, May.
    2. Chris Manning & Mauricio Rodriguez & Chinmoy Ghosh, 1999. "Devising a Corporate Facility Location Strategy to Maximize Shareholder Wealth," Journal of Real Estate Research, American Real Estate Society, vol. 17(3), pages 321-340.
    3. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian T. & Siegel, Stephan, 2016. "Political risk and international valuation," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 1-23.
    4. Nawaf Almaskati & Ron Bird & Yue Lu & Danny Leung, 2019. "Corporate Governance, Information Uncertainty and Market Reaction to Information Signals," Working Papers in Economics 19/15, University of Waikato.
    5. Radu Tunaru & Ephraim Clark, 2005. "The Evolution of International Political Risk 1956-2001," Money Macro and Finance (MMF) Research Group Conference 2005 37, Money Macro and Finance Research Group.
    6. Joseph S. Rabianski & James R. DeLisle & Neil G. Carn, 2001. "Corporate Real Estate Site Selection: A Community-Specific Information Framework," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 165-198.
    7. Richard Gregory & John R. Lombard & Bruce Seifert, 2005. "Impact of Headquarters Relocation on the Operating Performance of the Firm," Economic Development Quarterly, , vol. 19(3), pages 260-270, August.
    8. Restrepo, Diana & Correia, Ricardo & Población, Javier, 2012. "Political risk and corporate investment decisions," DEE - Working Papers. Business Economics. WB 13114, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    9. Ahsan Abbas & Eatzaz Ahmed & Fazal Husain, 2019. "Political and Economic Uncertainty and Investment Behaviour in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 58(3), pages 307-331.
    10. Geert Bekaert & Campbell R Harvey & Christian T Lundblad & Stephan Siegel, 2014. "Political risk spreads," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(4), pages 471-493, May.
    11. Chen, Yu-Fu & Funke, Michael, 2003. "Option Value, Policy Uncertainty, and the Foreign Direct Investment Decision," HWWA Discussion Papers 234, Hamburg Institute of International Economics (HWWA).
    12. Wisniewski, Tomasz Piotr, 2016. "Is there a link between politics and stock returns? A literature survey," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 15-23.
    13. Bryan W. Husted & Walid Saffar, 2023. "Elections and CSR Engagement: International Evidence," Journal of Business Ethics, Springer, vol. 184(1), pages 115-138, April.
    14. Deschryvere, Matthias, 2009. "Mobility of Corporate Headquarter Functions: A Literature Review," Discussion Papers 1203, The Research Institute of the Finnish Economy.
    15. Chris Manning & Stephen E. Roulac, 2001. "Lessons from the Past and Future Directions for Corporate Real Estate Research," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 7-58.
    16. Hillier, David & Loncan, Tiago, 2019. "Political uncertainty and Stock returns: Evidence from the Brazilian Political Crisis," Pacific-Basin Finance Journal, Elsevier, vol. 54(C), pages 1-12.
    17. Martha A. O’Mara, 1999. "Strategic Drivers of Location Decisions for Information-Age Companies," Journal of Real Estate Research, American Real Estate Society, vol. 17(3), pages 365-386.
    18. Chen, Shuo & Yan, Xun & Yang, Bo, 2020. "Move to success? Headquarters relocation, political favoritism, and corporate performance," Journal of Corporate Finance, Elsevier, vol. 64(C).
    19. Xiaohui Sun & Jianbo Gao & Bin Liu & Zhenzhen Wang, 2021. "Big Data-Based Assessment of Political Risk along the Belt and Road," Sustainability, MDPI, vol. 13(7), pages 1-20, April.
    20. Jaewon Jung, 2023. "Multinational Firms and Economic Integration: The Role of Global Uncertainty," Sustainability, MDPI, vol. 15(3), pages 1-18, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jbfina:v:28:y:2004:i:9:p:2237-2258. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jbf .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.