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Democratic processes and financial markets : pricing politics /

"William Bernhard and David Lebland examine the conditions under which democratic events, including elections, cabinet formations, and government dissolutions, affect asset markets. Where these events have less predictable outcomes, market returns are depressed and volatility increases. In cont...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Bernhard, William, 1966-
Otros Autores: Leblang, David
Formato: Electrónico eBook
Idioma:Inglés
Publicado: New York, NY : Cambridge University Press, ©2006.
Temas:
Acceso en línea:Texto completo
Descripción
Sumario:"William Bernhard and David Lebland examine the conditions under which democratic events, including elections, cabinet formations, and government dissolutions, affect asset markets. Where these events have less predictable outcomes, market returns are depressed and volatility increases. In contrast, where market actors can forecast the result, returns do not exhibit any unusual behavior. Further, political expectations condition how markets respond to the political process. When news causes market actors to update their political beliefs, market actors reallocate their portfolios, and overall market behavior changes. To measure political information, the authors employ sophisticated models of the political process. They draw on a variety of models of market behavior, including the efficient markets hypothesis, capital asset pricing model, and arbitrage pricing theory, to trace the impact of political events on currency, stock, and bond markets.
The analysis will appeal to academics, graduate students, and advanced undergraduates across political science, economics, and finance."--Jacket
Descripción Física:1 online resource (xi, 260 pages) : illustrations
Bibliografía:Includes bibliographical references (pages 237-253).
ISBN:9780511282126
0511282125
9780511607226
0511607229