The impacts of political uncertainty on asset prices: Evidence from the Bo scandal in China

被引：205

作者：

Liu, Laura Xiaolei ^{[1
,2
]}

Shu, Haibing ^{[3
]}

Wei, K. C. John ^{[4
]}

机构：

[1] Peking Univ, Guanghua Sch Management, Dept Finance, 5 Yiheyuan Rd, Beijing 100871, Peoples R China

[2] Peking Univ, Guanghua Sch Management, Dept Accounting, 5 Yiheyuan Rd, Beijing 100871, Peoples R China

[3] Shanghai Jiao Tong Univ, Antai Coll Econ & Management, Dept Finance, 1954 Huashan Rd, Shanghai 200030, Peoples R China

[4] Hong Kong Polytech Univ, Sch Accounting & Finance, Fac Business, Kowloon, Hong Kong, Peoples R China

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2017年 / 125卷 / 02期

关键词：

Political uncertainty; Politically sensitive firms; Stock returns; Discount rate news; Cash flow news; ECONOMIC-POLICY UNCERTAINTY; STOCK RETURNS; CROSS-SECTION; MARKET; INVESTMENT;

D O I：

10.1016/j.jfineco.2017.05.011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Models of political risk predict that increases in political uncertainty cause stock prices to fall, especially for politically sensitive firms. We use the event of the Bo Xilai political scandal in 2012 in China as an exogenous shock to identify the impact of political uncertainty on asset prices. We document that the Bo scandal caused a significant drop in stock prices, especially for firms that are more politically sensitive. Further analysis shows that the stock price drop is mainly driven by a change in discount rate, providing strong support for the existence of priced political risk. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：286 / 310

页数：25

共 50 条

[1] The Impacts of Policy Uncertainty on Asset Prices: Evidence from China's Market
Su, Yunpeng
Li, Jia
Yang, Baochen
An, Yunbi
[J]. ASIA-PACIFIC FINANCIAL MARKETS, 2023,
[2] The impacts of anti-organized crime on asset prices: Evidence from China
Li, Zhenjun
Cheng, Maoyong
[J]. ECONOMIC SYSTEMS, 2024, 48 (03)
[3] Global Political Uncertainty and Asset Prices
Brogaard, Jonathan
Dai, Lili
Ngo, Phong T. H.
Zhang, Bohui
[J]. REVIEW OF FINANCIAL STUDIES, 2020, 33 (04): : 1737 - 1780
[4] Asset prices, midterm elections, and political uncertainty
Chan, Kam Fong
Marsh, Terry
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2021, 141 (01) : 276 - 296
[5] Sentiment Beta and Asset Prices: Evidence from China
Lin, Fengjiao
Qiu, Zhigang
[J]. EMERGING MARKETS FINANCE AND TRADE, 2023, 59 (01) : 78 - 89
[6] The impacts of dual carbon goals on asset prices in China
Huo, Xiaolin
Jiang, Dayan
Qiu, Zhigang
Yang, Sijie
[J]. JOURNAL OF ASIAN ECONOMICS, 2022, 83
[7] Culture, gender and asset prices: Experimental evidence from the US and China
Wang, Jianxin
Houser, Daniel
Xu, Hui
[J]. JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 2018, 155 : 253 - 287
[8] Asset prices, regime switches, and monetary policy: evidence from China
Ma, Yong
Chen, D.
[J]. APPLIED ECONOMICS, 2024,
[9] Political uncertainty and asset valuation: Evidence from business relocations in Canada
Tirtiroglu, D
Bhabra, HS
Lel, U
[J]. JOURNAL OF BANKING & FINANCE, 2004, 28 (09) : 2237 - 2258
[10] Asymmetric impacts of Chinese climate policy uncertainty on Chinese asset prices
Iqbal, Najaf
Bouri, Elie
Shahzad, Syed Jawad Hussain
Alsagr, Naif
[J]. ENERGY ECONOMICS, 2024, 133

← 1 2 3 4 5 →