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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| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
New York, NY :
Cambridge University Press
2006.
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| Colección: | EBSCO Academic eBook Collection Complete.
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| Acceso en línea: | Conectar con la versión electrónica |
| Ver en Universidad de Navarra: | https://innopac.unav.es/record=b38444446*spi |
| 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. |
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| Descripción Física: | xi, 260 p. : il |
| Formato: | Forma de acceso: World Wide Web. |
| Bibliografía: | Incluye referencias bibliográficas (p. 237-253). |
| ISBN: | 9780511282126 9780511607226 |
