Earticle

초록

영어

Recent studies highlight positive political effects on firm performance and stock returns. This paper shows that the positive value impact on the cross-sectional stock returns disappears in the lame duck presidency periods, defined as the last two years before the Presidential party change. We find that this phenomenon is not explained by other election characteristics. Additional tests suggest that the diminishing political effect in the lame duck periods is more pronounced for the small firms that are less able to hedge policy risk away and for the firms located in the states where residents more strongly support the President.

목차

ABSTRACT
 1. Introduction
 2. US Elections and Lame Duck Phenomenon
 3. Data and Sample Selection
 4. Findings
  4.1. Comparison of BHARs
  4.2. Lame duck effect
  4.3. What drives the lame duck effect?
 5. Conclusions
 References

키워드

저자

• Youngsoo Kim [ Faculty of Business Administration, University of Regina, Regina, Saskatchewan, Canada, ]
• Jung Chul Park [ Department of Finance, Raymond J. Harbert College of Business, 303 Lowder Hall, Auburn University, Auburn, AL ]

참고문헌

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간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330