We show that stock prices underreact when there is a political event, reflected in higher momentum returns. We conjecture that political news crowds out stock news cause investors to distract, trade more indexes and underreact to firm specific news. We analyze momentum returns following general...

Real oil prices (WTI spot) are lower under Democratic presidencies than Republican presidencies by $4.7 - $9.7 per barrel, the results are statistically significant and robust, including subsamples and accounting for business cycles fluctuations. We find that during Democratic presidencies, the...

We develop a monthly Global Financial Stability Index (GFSX) that incorporates the global stock market outlook, momentum, and overall risk. Refining the financial stability concept presents challenges because of the many different approaches researchers have pursued, as well as the availability...

This paper studies the oil price movement accounting for time horizon. Historical data demonstrates that the price of oil jumps from one state (condition) to another, remains stable stays for some time, and then jumps again to a new state, a phenomenon that is similar to 'leap frog'. Motivated...