The Market Prefers Republicans: Myth or Reality

The Market Prefers Republicans: Myth or Reality

Wall Street abounds with folklore concerning aggregate stock price movements before and after Presidential elections. Some suggest that movements in the Dow Jones Industrial Average (DJIA) portend the outcome of elections. Others attribute movements in the market, prior to and after the election, to...

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Veröffentlicht in:Journal of financial and quantitative analysis 1980-09, Vol.15 (3), p.541-560
Hauptverfasser: Riley, William B., Luksetich, William A.
Format: Artikel
Sprache:eng
Schlagworte:
Correlation coefficients
Efficient markets
Election results
Elections
Empirical evidence
Folklore
Incumbents
Market prices
Movement
Political parties
Portfolio management
Presidential elections
Presidents
Purchasing
Regression analysis
Securities
Stock markets
Stock prices
Strategy
Wall Street
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Beschreibung
Zusammenfassung:Wall Street abounds with folklore concerning aggregate stock price movements before and after Presidential elections. Some suggest that movements in the Dow Jones Industrial Average (DJIA) portend the outcome of elections. Others attribute movements in the market, prior to and after the election, to the anticipated outcome of the election. In this paper we examine some of the folklore with respect to the effect of Presidential elections on aggregate stock price movements and the implication of these movements on market efficiency.
ISSN:0022-1090
1756-6916
DOI:10.2307/2330399