Do Local Political Elections Affect Daily Stock Returns? Evidence from the Republic of North Macedonia's MBI10 Index

Deari Fitim () and Koku Paul Sergius ()
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Deari Fitim: South East European University, Faculty of Business and Economics, Tetovo, Republic of North Macedonia
Koku Paul Sergius: Florida Atlantic University, College of Business Boca Raton, Florida, USA

Studia Universitatis „Vasile Goldis” Arad – Economics Series, 2024, vol. 34, issue 1, 98-116

Abstract: Even though “all politics” are supposedly “local”, as reportedly said Tip O’Neil, the majority of studies on the link between politics and finance focused on presidential elections. This argues that overlooking local elections could result in a gap in the literature, thus it focused on the effect of the 2021 local elections on the stock market in the Republic of North Macedonia. The results could not reject the null hypothesis that local elections did not have any statistically significant effect on the stock prices as only 10% of the stocks traded experienced significant abnormal returns during the election period.

Keywords: political elections; stocks returns; MBI10 Index (search for similar items in EconPapers)
JEL-codes: G10 G14 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:suvges:v:34:y:2024:i:1:p:98-116:n:3

DOI: 10.2478/sues-2024-0005

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