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Democratic Processes and Financial Markets: Pricing Politics
William Bernhard
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Description for Democratic Processes and Financial Markets: Pricing Politics
paperback. Shows how elections, cabinet formations, and government dissolutions affect asset markets. Num Pages: 272 pages, 36 tables. BIC Classification: JP; KFFM. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 231 x 153 x 16. Weight in Grams: 382.
The authors examine the conditions under which democratic events, including elections, cabinet formations, and government dissolutions, affect asset markets. Where these events have less predictable outcomes, market returns are depressed and volatility increases. In contrast, where market actors can forecast the result, returns do not exhibit any unusual behavior. Further, political expectations condition how markets respond to the political process. When news causes market actors to update their political beliefs, market actors reallocate their portfolios, and overall market behavior changes. To measure political information, Professors Bernhard and Leblang employ sophisticated models of the political process. They draw on a variety ... Read more
The authors examine the conditions under which democratic events, including elections, cabinet formations, and government dissolutions, affect asset markets. Where these events have less predictable outcomes, market returns are depressed and volatility increases. In contrast, where market actors can forecast the result, returns do not exhibit any unusual behavior. Further, political expectations condition how markets respond to the political process. When news causes market actors to update their political beliefs, market actors reallocate their portfolios, and overall market behavior changes. To measure political information, Professors Bernhard and Leblang employ sophisticated models of the political process. They draw on a variety ... Read more
Product Details
Format
Paperback
Publication date
2006
Publisher
Cambridge University Press United Kingdom
Number of pages
272
Condition
New
Number of Pages
272
Place of Publication
Cambridge, United Kingdom
ISBN
9780521678384
SKU
V9780521678384
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-24
About William Bernhard
William Bernhard is Associate Professor of Political Science at the University of Illinois at Urbana-Champaign. His work has appeared in the American Journal of Political Science, the American Political Science Review, International Organization, International Studies Quarterly, the Journal of Politics, and the Quarterly Journal of Political Science. David Leblang is Associate Professor of Political Science and Research Associate at the ... Read more
Reviews for Democratic Processes and Financial Markets: Pricing Politics
'… combination of single case studies with broader cross-country analyses … not only provide the ground for … future research, but also are a great starting point for students of political economy that have not yet been exposed to research in this area.' Swiss Political Science Review