Military regimes and stock market performance

被引：12

作者：

Civilize, Sireethorn ^{[1
]}

Wongchoti, Udomsak ^{[1
]}

Young, Martin ^{[1
]}

机构：

[1] Massey Univ, Palmerston North, New Zealand

来源：

EMERGING MARKETS REVIEW | 2015年 / 22卷

关键词：

Military regimes; Stock returns; Emerging markets; ECONOMIC-CONDITIONS; POLITICAL-PARTIES; UNCERTAINTY; CYCLES; POLICY; DIVERSIFICATION; VOLATILITY; ELECTIONS; DEMOCRACY; RETURNS;

D O I：

10.1016/j.ememar.2015.01.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine whether military regimes harm stock market performance by investigating stock returns in ten emerging markets under military and civilian rule. We find no evidence of military regimes having a significantly negative impact on stock returns. In the case of Thailand and Pakistan, we find a significant positive military return premium. These returns cannot be explained by economic cycles, stock market cycles, or returns volatility. Our findings are robust to worldwide stock market movements, tests for spurious regression bias and randomization-bootstrap tests. Our results contradict the common view that military rule has a negative impact on stock market performance. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：76 / 95

页数：20

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