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Election Cycles and Stock Market Reaction: International EvidenceElection Cycles and Stock Market Reaction: International Evidence
- Other Titles
- Election Cycles and Stock Market Reaction: International Evidence
- Issue Date
- 2015
- Publisher
- 서울대학교행정대학원
- Keywords
- Elections; Stock market volatility; Uncertainty; International evidence
- Citation
- The Korean Journal of Policy Studies, v.30, no.3, pp.23 - 40
- Indexed
- KCI
- Journal Title
- The Korean Journal of Policy Studies
- Volume
- 30
- Number
- 3
- Start Page
- 23
- End Page
- 40
- ISSN
- 1225-5017
- 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.
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