Price Political Uncertainty and Stock Market Returns: Evidence from the 1995 Quebec Referendum

Marie-Claude Beaulieu, Jean-Claude Cosset and Naceur Essaddam

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Abstract: In this study, we investigate the short run effect of the October 30th, 1995 Quebec referendum on the common stock returns of Quebec firms. Our results show that the uncertainty surrounding the referendum outcome had an impact on stock returns of Quebec firms. We also find that the effect of the referendum varied with the political risk exposure of Quebec firms, that is, the structure of assets and principally the degree of foreign involvement.

Keywords: Political uncertainty; stock market returns; 1995 Québec referendum (search for similar items in EconPapers)
JEL-codes: G12 G14 G15 G31 (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-fin, nep-fmk and nep-pol
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:lvl:lacicr:0531

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