Kräussl, Roman; Lucas, André; Rijsbergen, David R.; … - In: Journal of International Money and Finance 43 (2014) C, pp. 50-69
presidential cycle than during the first two years. This pattern cannot be explained by business-cycle variables capturing time … cycle (PEC) hypothesis as an alternative to explain the presidential cycle anomaly. The PEC states that incumbent parties … explanation for the presidential cycle effect. The presidential cycle effect in U.S. financial markets thus remains a puzzle that …