Morley, Bruce - In: Risks : open access journal 11 (2023) 2, pp. 1-13
The aim of this study was to determine whether referendums affect stock price risks and returns, using an event study … of a positive effect on stock returns. However, using a longer window of three days before and after the referendum …, there was evidence of a positive effect from the referendum on the market's returns and a negative effect on its volatility …