Finance and politics: does the stock market prefer the Left?

Finance et politique: la bourse préfère-t-elle la gauche ?

Gerard Charreaux

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Abstract: In the United States, stock market performance seems to be significantly higher when the Democrats are in power. Although tests are rarer, it seems that such a partisan premium also exists in France under the Left. The objective of this article is to verify whether the existence of such a premium is confirmed over the period 1981-2016 when the method used allows neutralizing the impact of the international conjuncture. The point of view is that of a US investor who manages an internationally diversified portfolio. The results confirm the existence of a partisan premium in favour of the Left.

Keywords: Finance; Politic; Stock Exchange; Finance de marché; Politique; Bourse (search for similar items in EconPapers)
Date: 2017
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Published in Revue d'économie financière, 2017, 125 (1), pp.263-278. ⟨10.3917/ecofi.125.0263⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01543225

DOI: 10.3917/ecofi.125.0263

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