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Election Cycles and Stock Market Reaction: International Evidence

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Authors
Park, Cheolbeom; An, Jiyoun
Issue Date
2015-12
Publisher
Graduate School of Public Administration, Seoul National University
Citation
Korean Journal of Policy Studies, Vol.30 No.3, pp. 23-40
Keywords
ElectionsStock market volatilityUncertaintyInternational evidence
Abstract
This study investigates movements of stock market volatility during election periods (the six months before and after an election) using data from 16 countries. The main findings of this study are (1) volatility declines over time as elections approach, (2) the level of volatility during election periods is lower than that during nonelection periods, and (3) volatility rises quickly during election months and immediately after the elections. The first and second findings confirm assertions made in previous studies, such as Pantzalis, Stangeland, and Turtle (2000) and Wisniewski (2009), regarding the dynamic pattern of stock market volatility during election years.
ISSN
1225-5017
Language
English
URI
https://hdl.handle.net/10371/95574
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Graduate School of Public Administration (행정대학원)Dept. of Public Administration (행정학과)Korean Journal of Policy Studies (정책논총)Korean Journal of Policy Studies (정책논총) vol.30 no.1-3 (2015)
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