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Politically induced uncertainty and asset-market valuation

Author

Listed:
  • Fałkowski, Jan
  • Kurek, Przemysław J.
  • Lewkowicz, Jacek

Abstract

We study the consequences of politically induced asset-market uncertainty. Our data are from Poland, where the imposition of a new resource tax was vaguely announced in a single sentence by the prime minister in November 2011. The tax concerned a single company, one of the world's leading copper and silver producers. We show how the announcement, besides imposing losses as expected on shareholders, introduced uncertainty into asset-market valuation.

Suggested Citation

  • Fałkowski, Jan & Kurek, Przemysław J. & Lewkowicz, Jacek, 2024. "Politically induced uncertainty and asset-market valuation," European Journal of Political Economy, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:poleco:v:84:y:2024:i:c:s017626802300071x
    DOI: 10.1016/j.ejpoleco.2023.102427
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    More about this item

    Keywords

    Tax announcement; Stocks; Mining industry; Poland;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • L72 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Other Nonrenewable Resources
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights

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