Finance has become more a problem than a solution to what the world most wants: socially inclusive growth. It has … itself in some of the major countries and regions of the world, but also, how it can be corrected. The intellectual and …

Instrumental Variable methodology. Political regime channels of democracy, polity and autocracy are instrumented with legal …

.Design/Methodology/Approach – The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Channels of democracy … demonstrate that democracy improves investigated stock market performance dynamics.Practical Implications – As a policy … incidence of democracy on stock market performance in an exclusive African context. Political strife has plagued many African …

Varieties of Democracy Project. We use two sets of data for country-wide stock market returns: data compiled by Dimson, Marsh …

removing firms with Low AA attenuates the good governance (Democracy) portfolio returns to no different from zero over the … period of 1991-2008. Good governance per se no longer pays off. Isolating the long portfolio of Democracy firms with Low AA … abnormal future returns as predicted in the seminal paper by Sloan (1996), but Democracy firms have positive abnormal returns …

removing firms with Low AA attenuates the good governance (Democracy) portfolio returns to no different from zero over the … period of 1991-2008. Good governance per se no longer pays off. Isolating the long portfolio of Democracy firms with Low AA … abnormal future returns as predicted in the seminal paper by Sloan (1996), but Democracy firms have positive abnormal returns …

democratizations succeed. Finally, using a shift in Catholic church doctrine in support of democracy, majority Catholic autocracies …