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Political orientation of government and stock market returns

Author

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  • Jedrzej Bialkowski
  • Katrin Gottschalk
  • Tomasz Piotr Wisniewski

Abstract

Prior research documented that the US stock prices tend to grow faster during the Democratic than the Republican administrations. This article 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.

Suggested Citation

  • Jedrzej Bialkowski & Katrin Gottschalk & Tomasz Piotr Wisniewski, 2007. "Political orientation of government and stock market returns," Applied Financial Economics Letters, Taylor & Francis Journals, vol. 3(4), pages 269-273.
    • Handle: RePEc:taf:raflxx:v:3:y:2007:i:4:p:269-273
    DOI: 10.1080/17446540701222359
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    Cited by:

    1. Leticia Castaño & José E. Farinós & Ana M. Ibáñez, 2024. "The stock market reaction to political and economic changes: the Spanish case," Review of Economic Design, Springer;Society for Economic Design, vol. 28(3), pages 593-630, September.

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