Political Uncertainty and Asset Prices

政治不确定性和资产价格

• 批准号: 2632448
• 金额: --
• 依托单位: London School of Economics and Political Science
• 依托单位国家: 英国
• 项目类别: Studentship
• 财政年份: 2021
• 资助国家: 英国
• 起止时间: 2021 至 无数据
• 项目状态: 未结题
• 来源: https://gtr.ukri.org/projects?ref=studentship-2632448
• 关键词: Political; Uncertainty; Asset; Prices

Recent studies in the interaction between political uncertainty and financial markets focus on how political uncertainty affects stock prices. Pastor and Veronesi (2013) argues two channels: discount rate / cash flows: Models of political risk predict that increases in political uncertainty cause stock prices to fall, by changing investor discount rate and firm's future cash flows. Some empirical papers have substantiated the cash flow channels for example, Acemoglu (2018) used the case of Arab spring political connectedness will affect the power of seeking political rents, thus asset prices. By using A-H dual listed stocks as samples, I aim to study the difference in how these two stock markets respond to the political events.

最近关于政治不确定性与金融市场之间相互作用的研究重点关注政治不确定性如何影响股票价格。 Pastor和Veronesi（2013）提出了两个渠道：贴现率/现金流：政治风险模型预测，政治不确定性的增加会改变投资者贴现率和公司未来现金流，从而导致股价下跌。一些实证论文已经证实了现金流渠道，例如，Acemoglu（2018）使用阿拉伯之春的案例，政治关联性会影响寻求政治租金的力量，从而影响资产价格。通过以A-H双重上市股票为样本，我的目的是研究这两个股票市场对政治事件反应的差异。