Divided government and stock returns
We document that unified US governments are associated with higher annual excess and real stock return than divided US governments. For the value-weighted portfolio the difference is 9.95% and for the equal-weighted 18.37%. These results are statistically and economically significant and robust in s...
| Main Authors: | , |
|---|---|
| Format: | Working paper |
| Language: | English |
| Published: |
2021
|