Measuring the Impacts of Argentina’s Presidential Election Process in 2023 on the Stock Market Performance Using a Dynamic Event Study Methodology

Eduardo Enrique Sandoval Álamos (), Claudio René Molina Mac-Kay and Erwin Octavio Taipe Aquino
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Eduardo Enrique Sandoval Álamos: Facultad de Ingeniería, Departamento de Industria, Universidad Tecnológica Metropolitana, Santiago 8940000, Chile
Claudio René Molina Mac-Kay: Facultad de Administración y Economía, Departamento de Contabilidad y Gestión Financiera, Universidad Tecnológica Metropolitana, Santiago 8940000, Chile
Erwin Octavio Taipe Aquino: Facultad de Ingeniería, Departamento de Industria, Universidad Tecnológica Metropolitana, Santiago 8940000, Chile

Risks, 2024, vol. 13, issue 1, 1-27

Abstract: This study measured the individual and conjoint effects of Argentina’s primaries and first- and second-voting presidential election results, as well as their post-election comparative effects, on the stock market performance of its most relevant economic sectors. Within four different estimation methods, the state-space specification outperformed the rest. The findings suggest that investors can under/overreact compared to post-election sectors performance, the public services sector being the exception. Therefore, those investors who anticipated the election results by liquidating positions in companies in the materials sector and investing more in companies in the energy and other industrial sectors achieved a superior performance.

Keywords: individual and conjoint effects; state-space specification; superior stock performance (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2024
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