Democracy, political risks and stock market performance
Lehkonen, H., & Heimonen, K. (2015). Democracy, political risks and stock market performance. Journal of International Money and Finance, 59, 77-99. https://doi.org/10.1016/j.jimonfin.2015.06.002
Julkaistu sarjassa
Journal of International Money and FinancePäivämäärä
2015Tekijänoikeudet
© 2015 Elsevier Ltd. This is a final draft version of an article whose final and definitive form has been published by Elsevier. Published in this repository with the kind permission of the publisher.
This study examines the impacts of democracy and political risk on stock market. Using annualized panel data for 49 emerging markets for 2000–2012 we find evidence that democracy and political risk do have impact on stock market returns and the relationship between democracy and political risk is parabolic, i.e., there is a threshold level of democracy after which political risk begins to decline. Also our results suggest that decreases in political risk lead to higher returns.
Julkaisija
Elsevier Ltd.ISSN Hae Julkaisufoorumista
0261-5606Julkaisu tutkimustietojärjestelmässä
https://converis.jyu.fi/converis/portal/detail/Publication/25319203
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