This paper analyzes security-market returns relative to the political party of the president, the Federal Reserve's monetary policy, the year of the president's term, and the state of political gridlock. Contrary to prior studies, which evaluated the influences separately, we jointly evaluate...

This article examines the relationship between security returns and political gridlock, which occurs when the U.S. House of Representatives, Senate, and presidency are not controlled by the same political party. The findings support the following conclusions: First, the common view that equities...

Recent studies identify stock return patterns associated with changes in Federal Reserve monetary policy. We find that these return patterns prevail across sixteen industry stock indices. However, significant cross-industry variation exists as the apparel industry exhibits mean annual returns...