Showing 1 - 10 of 4,707
We use party-identifying language – like “Liberal Media” and “MAGA”– to identify Republican users on the investor social platform StockTwits. Using a difference-in-difference design, we find that the beliefs of partisan Republicans about equities remain relatively unfazed during the...
Persistent link: https://www.econbiz.de/10012231743
This article responds to Baines and Hager’s recent critique of the capital-as-power model of the stock market. Proposed by Bichler and Nitzan, this model seeks to explain how financial crises are tied to the concept of ‘systemic fear’. Bichler and Nitzan tested their initial model on US...
Persistent link: https://www.econbiz.de/10012626984
Scholars and policy makers believe that democracy will bring prosperity through integration into the global economy via … trade more. Second, democracy implies higher quality governance either through institutions or policy-making procedures. I …, importers and exporters. I find the theory that democracy, and many of its components, promotes international trade unconvincing …
Persistent link: https://www.econbiz.de/10010280181
There are many stories of democracy but little consensus over which variables robustly determine its emergence and … million regressions. The most robust determinants of the transition to democracy are GDP growth (a negative effect), past … countries are less likely to see democracy emerge, although the latter finding is driven entirely by oil producing Muslim …
Persistent link: https://www.econbiz.de/10010285819
democracy disappears once including country fixed effects. This paper tests the hypothesis that the effect of income on … democracy might differ systematically across countries. A replication of the estimation in a less restrictive empirical … framework provides evidence for significant but heterogeneous effects of income on democracy for former colonies and non …
Persistent link: https://www.econbiz.de/10010291403
Over the past two decades, private equity has contributed to a shrinking of the U.S. stock market. We develop a political economy model of private equity activity to study the wider economic consequences of this trend. We show that private and social incentives to delist firms from the stock...
Persistent link: https://www.econbiz.de/10011794581
Evidences thrive on the effects of political regimes and presidential elections on stock market returns. This paper investigates the effects of presidential elections on stock returns around the election periods at the Nigerian Stock Exchange (NSE) market. A sample of five (5) months each for a...
Persistent link: https://www.econbiz.de/10013362917
This paper examines the long-run dynamics and the cyclical structure of the US stock market using fractional integration techniques, specifically a version of the tests of Robinson (1994a) which allows for unit (or fractional) roots both at the zero (long-run) and at the cyclical frequencies. We...
Persistent link: https://www.econbiz.de/10010293737
This contribution analyzes bull and bear markets from 1954:1-2011:2 in the US-stock index S&P 500. Thereby, a 2-State-Markov-Switching model is applied to figure out bull and bear market regimes within the latter period, whereby the estimated state probabilities are used to estimate a dummy...
Persistent link: https://www.econbiz.de/10010286823
We estimate time-varying expected excess returns on the US stock market from 1983 to 2008 using a model that jointly captures the arbitrage-free dynamics of stock returns and nominal bond yields. The model nests the class of affine term structure (of interest rates) models. Stock returns and...
Persistent link: https://www.econbiz.de/10011605091