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Political instability and stock market returns: Evidence from OECD countries

Economics and Business Letters

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Title Political instability and stock market returns: Evidence from OECD countries
 
Creator Asteriou, Dimitrios
Sarantidis, Antonios
 
Description  This paper examines the relationship between political instability and stock market returns using quarterly time series data from 1993 to 2013. In this paper, stock market returns are defined as the returns of the general stock market index and banking index for 18 OECD countries. Five different political instability indicators are constructed in order to measure political uncertainty. The empirical part utilizes the EFA, PCA and GARCH-M methodologies. The findings indicate a direct and an indirect impact between the PI indicators and the returns of the Banking Index and the Overall Stock Market Index. The research contributes to the literature by providing empirical evidence to policy makers on the effects that political instability has on stock markets. 
 
Publisher Oviedo University Press
 
Contributor —
 
Date 2016-10-24
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://www.unioviedo.es/reunido/index.php/EBL/article/view/11278
10.17811/ebl.5.4.2016.113-124
 
Source Economics and Business Letters; Vol 5, No 4 (2016): December - Special Issue Selected papers from 2nd AMEF (May 2016); 113-124
Economics and Business Letters; Vol 5, No 4 (2016): December - Special Issue Selected papers from 2nd AMEF (May 2016); 113-124
2254-4380
10.17811/ebl.5.4.2016
 
Language eng
 
Relation http://www.unioviedo.es/reunido/index.php/EBL/article/view/11278/10709
http://www.unioviedo.es/reunido/index.php/EBL/article/downloadSuppFile/11278/1056
http://www.unioviedo.es/reunido/index.php/EBL/article/downloadSuppFile/11278/1057
 
Rights Copyright (c) 2016 Economics and Business Letters