Political uncertainty and stock market returns: evidence from the 1995 Quebec referendum

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

Canadian Journal of Economics, 2006, vol. 39, issue 2, 621-642

Abstract: In this study, we investigate the short run effect of the 30 October 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.

JEL-codes: G14 G15 (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (21)

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