The effect of global political risk on stock returns: A cross-sctional and a time-series analysis
Given the rise of political uncertainty, it is important to develop an understanding of their effect on financial markets. We use a political risk measure to calculate their effect on stock markets based on a political risk measure. The political risk proxy is related to cross-country returns and tw...
- Autores:
-
Vargas Lovatón, Karen Luz
Gonzalez, Angelica
Silva, Jesus
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2020
- Institución:
- Corporación Universidad de la Costa
- Repositorio:
- REDICUC - Repositorio CUC
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.cuc.edu.co:11323/7757
- Acceso en línea:
- https://hdl.handle.net/11323/7757
https://doi.org/10.1007/978-3-030-30465-2_60
https://repositorio.cuc.edu.co/
- Palabra clave:
- Policy uncertainty
Asset pricing
Political risk
Stock markets
- Rights
- openAccess
- License
- Attribution-NonCommercial-NoDerivatives 4.0 International
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The effect of global political risk on stock returns: A cross-sctional and a time-series analysis |
| title |
The effect of global political risk on stock returns: A cross-sctional and a time-series analysis |
| spellingShingle |
The effect of global political risk on stock returns: A cross-sctional and a time-series analysis Policy uncertainty Asset pricing Political risk Stock markets |
| title_short |
The effect of global political risk on stock returns: A cross-sctional and a time-series analysis |
| title_full |
The effect of global political risk on stock returns: A cross-sctional and a time-series analysis |
| title_fullStr |
The effect of global political risk on stock returns: A cross-sctional and a time-series analysis |
| title_full_unstemmed |
The effect of global political risk on stock returns: A cross-sctional and a time-series analysis |
| title_sort |
The effect of global political risk on stock returns: A cross-sctional and a time-series analysis |
| dc.creator.fl_str_mv |
Vargas Lovatón, Karen Luz Gonzalez, Angelica Silva, Jesus |
| dc.contributor.author.spa.fl_str_mv |
Vargas Lovatón, Karen Luz Gonzalez, Angelica Silva, Jesus |
| dc.subject.spa.fl_str_mv |
Policy uncertainty Asset pricing Political risk Stock markets |
| topic |
Policy uncertainty Asset pricing Political risk Stock markets |
| description |
Given the rise of political uncertainty, it is important to develop an understanding of their effect on financial markets. We use a political risk measure to calculate their effect on stock markets based on a political risk measure. The political risk proxy is related to cross-country returns and two portfolios: one with upside and other with downside political risk. Time-series and cross-sectional analysis are conducted to measure the effectiveness of this measure on global markets. The results evidence that an increase in global political risk is negatively correlated with an upside portfolio containing global stock returns. |
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2020 |
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2020 |
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2021-01-22T23:48:34Z |
| dc.date.available.none.fl_str_mv |
2021-01-22T23:48:34Z |
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Artículo de revista |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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http://purl.org/coar/resource_type/c_6501 |
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Text |
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https://hdl.handle.net/11323/7757 |
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https://doi.org/10.1007/978-3-030-30465-2_60 |
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Corporación Universidad de la Costa |
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REDICUC - Repositorio CUC |
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https://repositorio.cuc.edu.co/ |
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https://hdl.handle.net/11323/7757 https://doi.org/10.1007/978-3-030-30465-2_60 https://repositorio.cuc.edu.co/ |
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Corporación Universidad de la Costa REDICUC - Repositorio CUC |
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eng |
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eng |
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1. Ward, A.: Why China’s new tariffs could make the US trade war even worse (2019). 2. Erb, C., Campbell, H., Viskanta, T.: Political risk, economic risk and finantial risk. Financ. Anal. J. 52, 29–46 (1996) 3. Brogaard, J., Detzel, A.: The asset-pricing ımplications of government economic policy uncertainty. Manage. Sci. 61, 3–18 (2015) 4. Diamonte, R., Liew, J., Stevens, R.: Political risk in emerging and developed markets. Financ. Anal. J. 52, 71–76 (1996) 5. Miller, M., Scholes, M.: Rate of return in relation to risk: a reexamination of some recent findings. In: Jensen, M.C. (ed.) Studies in the Theory of Capital Markets, pp. 47–78. Praeger, New York (1972) 6. Goyal, A.: Empirical cross-sectional asset pricing: a survey. Fin. Markets. Portfolio Mgmt. 26(1), 3–38 (2012) 7. Black, F., Jensen, M., Scholes, M.: The capital asset pricing model: some empirical tests. In: Jensen, M.C. (ed.) Studies in the Theory of Capital Markets. Praeger, New York (1972) 8. Fama, E., McBeth, J.: Risk, return and equilibrium: empirical tests. J. Polit. Econ. 71, 607–636 (1973) 9. Pastor, L., Veronesi, P.: Uncertainty about government policy and stock prices. J. Finance 67(4), 1219–1264 (2012) 10. Boutchkova, M., Hitesh, D., Durnev, A., Molchanov, A.: Precarious politics and return volatility. Rev. Financ. Stud. 25(4), 1111–1154 (2012) 11. Ferson, W.E., Harvey, C.R.: Fundamental Determinants of National Equity Market Returns: A Perspective on Conditional Asset Pricing, Working Papers (1996) 12. Erb, C., Campbell, H., Viskanta, T.: Political risk, economic risk and finantial risk. Financ. Anal. J. 7, 29–46 (1996) 13. Gaitán-Angulo, M., et al.: Company family, innovation and colombian graphic industry: a bayesian estimation of a logistical model. In: Tan, Y., Shi, Y., Tang, Q. (ed.) Data Mining and Big Data. DMBD 2018. Lecture Notes in Computer Science, vol. 10943. Springer, Cham (2018) |
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Attribution-NonCommercial-NoDerivatives 4.0 International |
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http://creativecommons.org/licenses/by-nc-nd/4.0/ |
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Vargas Lovatón, Karen LuzGonzalez, AngelicaSilva, Jesus2021-01-22T23:48:34Z2021-01-22T23:48:34Z2020https://hdl.handle.net/11323/7757https://doi.org/10.1007/978-3-030-30465-2_60Corporación Universidad de la CostaREDICUC - Repositorio CUChttps://repositorio.cuc.edu.co/Given the rise of political uncertainty, it is important to develop an understanding of their effect on financial markets. We use a political risk measure to calculate their effect on stock markets based on a political risk measure. The political risk proxy is related to cross-country returns and two portfolios: one with upside and other with downside political risk. Time-series and cross-sectional analysis are conducted to measure the effectiveness of this measure on global markets. The results evidence that an increase in global political risk is negatively correlated with an upside portfolio containing global stock returns.Vargas, Karen-will be generated-orcid-0000-0002-9674-747X-600Gonzalez, AngelicaSilva, Jesusapplication/pdfengCorporación Universidad de la CostaAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Advances in Intelligent Systems and Computinghttps://link.springer.com/chapter/10.1007/978-3-030-30465-2_60Policy uncertaintyAsset pricingPolitical riskStock marketsThe effect of global political risk on stock returns: A cross-sctional and a time-series analysisArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/acceptedVersion1. Ward, A.: Why China’s new tariffs could make the US trade war even worse (2019).2. Erb, C., Campbell, H., Viskanta, T.: Political risk, economic risk and finantial risk. Financ. Anal. J. 52, 29–46 (1996)3. Brogaard, J., Detzel, A.: The asset-pricing ımplications of government economic policy uncertainty. Manage. Sci. 61, 3–18 (2015)4. Diamonte, R., Liew, J., Stevens, R.: Political risk in emerging and developed markets. Financ. Anal. J. 52, 71–76 (1996)5. Miller, M., Scholes, M.: Rate of return in relation to risk: a reexamination of some recent findings. In: Jensen, M.C. (ed.) Studies in the Theory of Capital Markets, pp. 47–78. Praeger, New York (1972)6. Goyal, A.: Empirical cross-sectional asset pricing: a survey. Fin. Markets. Portfolio Mgmt. 26(1), 3–38 (2012)7. Black, F., Jensen, M., Scholes, M.: The capital asset pricing model: some empirical tests. In: Jensen, M.C. (ed.) Studies in the Theory of Capital Markets. Praeger, New York (1972)8. Fama, E., McBeth, J.: Risk, return and equilibrium: empirical tests. J. Polit. Econ. 71, 607–636 (1973)9. Pastor, L., Veronesi, P.: Uncertainty about government policy and stock prices. J. Finance 67(4), 1219–1264 (2012)10. Boutchkova, M., Hitesh, D., Durnev, A., Molchanov, A.: Precarious politics and return volatility. Rev. Financ. Stud. 25(4), 1111–1154 (2012)11. Ferson, W.E., Harvey, C.R.: Fundamental Determinants of National Equity Market Returns: A Perspective on Conditional Asset Pricing, Working Papers (1996)12. Erb, C., Campbell, H., Viskanta, T.: Political risk, economic risk and finantial risk. Financ. Anal. J. 7, 29–46 (1996)13. Gaitán-Angulo, M., et al.: Company family, innovation and colombian graphic industry: a bayesian estimation of a logistical model. In: Tan, Y., Shi, Y., Tang, Q. (ed.) Data Mining and Big Data. DMBD 2018. Lecture Notes in Computer Science, vol. 10943. 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