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Democratic processes and financial markets : = pricing politics /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Democratic processes and financial markets :/ William Bernhard, David Leblang.
Reminder of title:	pricing politics /
remainder title:	Democratic Processes & Financial Markets
Author:	Bernhard, William,
other author:	Leblang, David,
Description:	1 online resource (xi, 260 pages) :digital, PDF file(s). :
Notes:	Title from publisher's bibliographic system (viewed on 05 Oct 2015).
Subject:	Capital market - Political aspects. -
Online resource:	https://doi.org/10.1017/CBO9780511607226
ISBN:	9780511607226 (ebook)

Democratic processes and financial markets : = pricing politics /
Bernhard, William,1966-

Democratic processes and financial markets :pricing politics /Democratic Processes & Financial MarketsWilliam Bernhard, David Leblang. - 1 online resource (xi, 260 pages) :digital, PDF file(s).

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

Introduction -- Democratic processes and political risk : evidence from foreign exchange markets -- When markets party : stocks, bonds, and cabinet formations -- The cross-national financial consequences of political predictability -- Cabinet dissolutions and interest rate behavior -- Bargaining and bonds : the process of coalition formation and the market for government debt in Austria and New Zealand -- Time, shares, and Florida : the 2000 presidential election and stock market volatility -- Polls and pounds : exchange rate behavior and public opinion in Britain -- Conclusion : political predictability and financial market behavior.

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 of models of market behavior, including the efficient markets hypothesis, capital asset pricing model, and arbitrage pricing theory, to trace the impact of political events on currency, stock, and bond markets. The analysis will appeal to academics, graduate students, and advanced undergraduates across political science, economics, and finance.

ISBN: 9780511607226 (ebook)Subjects--Topical Terms:

803402
Capital market
--Political aspects.

LC Class. No.: HG4523 / .B473 2006

Dewey Class. No.: 332/.041

Democratic processes and financial markets : = pricing politics /
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245 1 0 $a Democratic processes and financial markets : $b pricing politics / $c William Bernhard, David Leblang.
246 3 $a Democratic Processes & Financial Markets
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500 $a Title from publisher's bibliographic system (viewed on 05 Oct 2015).
505 0 $a Introduction -- Democratic processes and political risk : evidence from foreign exchange markets -- When markets party : stocks, bonds, and cabinet formations -- The cross-national financial consequences of political predictability -- Cabinet dissolutions and interest rate behavior -- Bargaining and bonds : the process of coalition formation and the market for government debt in Austria and New Zealand -- Time, shares, and Florida : the 2000 presidential election and stock market volatility -- Polls and pounds : exchange rate behavior and public opinion in Britain -- Conclusion : political predictability and financial market behavior.
520 $a 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 of models of market behavior, including the efficient markets hypothesis, capital asset pricing model, and arbitrage pricing theory, to trace the impact of political events on currency, stock, and bond markets. The analysis will appeal to academics, graduate students, and advanced undergraduates across political science, economics, and finance.
650 0 $a Capital market $x Political aspects. $3 803402
650 0 $a International economic relations. $3 557549
650 0 $a Economics $x Political aspects. $3 575697
700 1 $a Leblang, David, $e author. $3 1440425
776 0 8 $i Print version: $z 9780521861229
856 4 0 $u https://doi.org/10.1017/CBO9780511607226