Political Uncertainty and Asset Prices

最近关于政治不确定性与金融市场相互作用的研究主要集中在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通过改变投资者贴现率和企业未来现金流导致股价下跌。一些实证论文已经证实了现金流渠道，例如，Acemoglu（2018）使用了阿拉伯之春的案例，政治联系将影响寻求政治租金的权力，从而影响资产价格。本文以A-H两地上市股票为样本，研究两地股市对政治事件的反应差异。

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.