Financial Markets and Politics: The Piñera Effect on the Chilean Capital Market

Claudio Bonilla, Harold Contreras and Jean Sepúlveda

Emerging Markets Finance and Trade, 2014, vol. 50, issue S1, 121-133

Abstract: The 2010 presidential election in Chile marked a change from the center-left coalition that governed the country for twenty years to a center-right coalition led by politician and businessman Sebastian Piñera. We study the effect that Piñera's presidential campaign had on the Chilean capital market. By using a panel of forty-nine companies during a period of thirteen months prior to the election, we find that there was a positive and significant effect on the capital market because of the expectation that Piñera would be elected president. That expectation continued throughout the entire presidential campaign.

Date: 2014
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DOI: 10.2753/REE1540-496X5001S108

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