The paper explores the role of the political regime on asset returns in an International Capital Asset Pricing Model (CAPM) framework based on a sample of 17 emerging countries. The results reveal that the political regime has substantial impact on average stock returns. Firms in autocratic...

This paper assesses the effect of political institutions on stock market performance in 14 African countries for which stock market data is available for the period 1990-2010. The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Political regime channels...

The extent of stock market performance cannot be dissociated from the political environment in which it is operating. This reality has motivated a plethora of studies on the relationship between political system and stock market performance in both developed and developing countries, with the...