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

. Channels of democracy, polity and autocracy are instrumented with legal-origins, religious-legacies, income-levels and press … broadly demonstrate that democracy improves investigated stock market performance dynamics. Practical implications – As a … to assess the incidence of democracy on stock market performance in an exclusive African context. Political strife has …

.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 …

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 …