Presidential politics, stocks, bonds, bills, and inflation -: Some new differences identified.

被引：38

作者：

Johnson, RR ^{[1
]}

Chittenden, W

Jensen, G

机构：

[1] Assoc Investment Management & Res, Charlottesville, VA 22903 USA

[2] No Illinois Univ, De Kalb, IL 60115 USA

来源：

JOURNAL OF PORTFOLIO MANAGEMENT | 1999年 / 26卷 / 01期

关键词：

D O I：

10.3905/jpm.1999.319771

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Several studies show no significant difference in stock market performance between Republican and Democratic presidential administrations. While the authors confirm this finding for an index of large-capitalization stocks, they find that: small-capitalization stocks perform significantly better during Democratic administrations (an annual return difference of over 20%). The authors also present new evidence that the debt market performs significantly better during Republican administrations. In fact, on average, they find that real returns to debt during the 1929 through 1996 period have been negative.

引用

页码：27 / +

页数：6