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Political geography and stock returns: The value and risk implications of proximity to political power

Kim, Chansog (Francis) ; Pantzalis, Christos ; Chul Park, Jung

Journal of financial economics, 2012-10, Vol.106 (1), p.196-228 [Periódico revisado por pares]

Amsterdam: Elsevier B.V

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Título:
Political geography and stock returns: The value and risk implications of proximity to political power
Autor: Kim, Chansog (Francis) ; Pantzalis, Christos ; Chul Park, Jung
Assuntos: Election results ; Electoral results ; Indexing in process ; Policy risk ; Political alignment index ; Political behavior ; Political connections ; Political geography ; Political power ; Rates of return ; Returns ; Risk aversion ; Ruling parties ; Securities markets ; Stock returns ; Studies
É parte de: Journal of financial economics, 2012-10, Vol.106 (1), p.196-228
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
Descrição: We show that political geography has a pervasive effect on the cross-section of stock returns. We collect election results over a 40-year period and use a political alignment index (PAI) of each state's leading politicians with the ruling (presidential) party to proxy for local firms’ proximity to political power. Firms whose headquarters are located in high PAI states outperform those located in low PAI states, both in terms of raw returns, and on a risk-adjusted basis. Overall, although we cannot rule out indirect political connectedness advantages as an explanation of the PAI effect, our results are consistent with the notion that proximity to political power has stock return implications because it reflects firms’ exposure to policy risk.
Editor: Amsterdam: Elsevier B.V
Idioma: Inglês

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Political geography and stock returns: The value and risk implications of proximity to political power

Kim, Chansog (Francis) ; Pantzalis, Christos ; Chul Park, Jung

Amsterdam: Elsevier B.V

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