Effects of Election Results on Stock Price Performance: Evidence from 1976 to 2008
|
|
- Mark Douglas
- 6 years ago
- Views:
Transcription
1 Effects of Election Results on Stock Price Performance: Evidence from 1976 to 2008 Andreas Oehler, Bamberg University Thomas J. Walker, Concordia University Stefan Wendt, Bamberg University 2012 FMA Annual Meeting Atlanta, GA, October 17-20, 2012
2 Agenda (1) Introduction (2) Related literature (3) Dataset & methodology (4) Results (5) Conclusions 2
3 (1) Introduction Effects of election results may influence a country s overall economy single companies or sectors. U.S. political system: Democratic Party vs. Republican Party (GOP). We examine effects of the 1976 to 2008 presidential election results on the stock price performance of U.S. companies and sectors, to identify/quantify the perceived favoritism/biases. We find that election results prompt abnormal company and sector returns, effects are driven by individual presidents rather than by parties. 3
4 (2) Related literature Effects of U.S. presidential election on the performance of the overall U.S. stock market (Niederhoffer, Gibbs, and Bullock 1970; Huang 1985; Gärtner and Wellershoff 1995; Leblang and Mukherjee 2005; Snowberg, Wolfers, and Zitzewitz 2007a), single sectors in a single election (Roberts 1990; Herron et al. 1999). International evidence for influence on the overall market: GB (Herron 2000; Leblang and Mukherjee 2005), GR (Siokis and Kapopoulos 2007), NL (Brunner 2009), ES (Furió and Pardo 2010). sectors: D (Bechtel and Füss 2010) Causality between the economic and the political sphere flows both ways (Gerber, Huber and Washington 2009; Knight 2007; Mattozzi 2008). 4
5 (3) Dataset & methodology Dataset Daily stock price data (CRSP/WRDS) Company characteristics (Compustat/WRDS) Four-digit SIC-Codes Stock market capitalization Book value of debt and total assets, net income One month T-bill rate, Fama-French factors, momentum factor (WRDS) Sorted into 8 industry groups (mining; construction; manufacturing; transportation; wholesale trade; retail trade; financials; services) 5
6 (3) Dataset & methodology Descriptive statistics President Election Date Mining Construction Manufacturing Transportation Wholesale Retail Financials Services J. Carter R. Reagan R. Reagan G. Bush W. Clinton W. Clinton G. W. Bush G. W. Bush B. Obama This table provides summary statistics for each election covered by our analysis. For each president elected during our sample period we document the respective political party (Republican or Democratic) and the number of companies in each of the outlined industry divisions included in the analysis. 6
7 (3) Dataset & methodology Methodology Event study Stock market participants will price their expectations about political change into stock prices prior to an election. However, expectations about election results are not always clear-cut. We assume that pre-election polls are not able to fully forecast election results, and that the election itself will reveal new information which, in turn, will be incorporated into stock prices. 7
8 (3) Dataset & methodology Methodology Event study Abnormal stock price returns for company i following the election day: [ R ] AR i, t = R i, t E i, t Expected returns calculated using four-factor model (Carhart 1997): [ ] ( ) i, t = Rf, t + β i,1 * Rm, t Rf, t + βi,2 * SMBt+ βi,3 * HMLt + βi, 4 * MOMt E R 8
9 (3) Dataset & methodology Methodology Event study Cumulative abnormal returns (2-, 4-, 10-, 18-, and 26-week horizon):, t t = 2 1, t2 i, CAR i AR t = t 1 t Industry cumulative abnormal returns (equally weighted): CAR = 1 N industry CAR industry t1, t2 i, t1, t2 Nindustry i= 1 where N industry is the number of companies in the respective sector. 9
10 (3) Dataset & methodology Methodology Regression analysis We regress the CAR on industry dummies and control variables: CAR i, t t = D i i i 1, 2 α + β * + γ *ln( mcap ) + λ * lev + θ * income + ε D: vector of dummy variables for seven industries (except retail trade) ln(mcap i ): logarithm of stock market capitalization lev i : leverage income i : net income / total assets 10
11 Period (4) Results Event study Election 1980 Ronald Reagan (first term) Mining Services *** w * 4.8 ** w w -6.2 *** w -6.9 * *** ** w *** *** * *** 7.4 We report mean cumulative abnormal stock price returns for eight industries following the presidential election in The event windows are denoted as 0 (the day following the election), +2w (two weeks following the election), etc. All values represent percentage returns. The symbols ***, **, and * denote statistical significance at the one, five, and ten percent level, respectively. Financials Construction Manufacturing Transportation Wholesale Retail 11
12 Period (4) Results Event study Election 1992 William Clinton (first term) Mining Services ** * w *** 4.7 *** *** w ** 3.0 *** 9.2 *** *** 5.5 * +10w ** 5.2 *** 13.9 *** 3.7 ** 7.9 ** 5.9 *** 14.0 * +18w 11.9 *** 22.7 ** 5.0 *** 16.6 *** ** 10.2 *** 17.6 * +26w 25.7 *** *** 22.0 *** 6.7 * 9.3 ** 9.5 *** 25.4 ** We report mean cumulative abnormal stock price returns for eight industries following the presidential election in The event windows are denoted as 0 (the day following the election), +2w (two weeks following the election), etc. All values represent percentage returns. The symbols ***, **, and * denote statistical significance at the one, five, and ten percent level, respectively. Financials Construction Manufacturing Transportation Wholesale Retail 12
13 (4) Results Event study Election of Ronald Reagan (Republican Party) in 1980 Longer-run significant negative effect on mining and financial sector. Slight positive effect on manufacturing sector. All other sectors largely insignificant. Election of William Clinton (Democratic Party) in 1992 Mixed short-run effects: only slight effect of the election itself. Significant positive abnormal longer-run returns in all sectors. The market appears to positively reflect the first political decisions of the incoming president. 13
14 Period (4) Results Event study Election 2000 George W. Bush (first term) Mining Financials Construction Manufacturing Transportation Wholesale Retail Services ** 1.0 ** ** 0.4 ** w -5.5 *** *** *** w -8.3 *** *** *** 2.1 *** -4.0 *** +10w * *** 5.3 *** +18w *** 6.0 * 11.1 *** *** 9.0 *** +26w *** 11.2 *** 15.2 *** *** 10.5 *** We report mean cumulative abnormal stock price returns for eight industries following the presidential election in The event windows are denoted as 0 (the day following the election), +2w (two weeks following the election), etc. All values represent percentage returns. The symbols ***, **, and * denote statistical significance at the one, five, and ten percent level, respectively. 14
15 Period (4) Results Event study Election 2008 Barack Obama Mining Services * w *** -8.4 ** -5.4 *** ** * -4.9 ** +4w *** *** ** *** w 11.1 ** 16.1 *** 3.1 ** ** 5.4 * +18w 15.7 ** 11.7 * -5.0 *** w 66.0 *** 26.9 *** 16.8 *** ** *** We report mean cumulative abnormal stock price returns for eight industries following the presidential election in The event windows are denoted as 0 (the day following the election), +2w (two weeks following the election), etc. All values represent percentage returns. The symbols ***, **, and * denote statistical significance at the one, five, and ten percent level, respectively. Financials Construction Manufacturing Transportation Wholesale Retail 15
16 (4) Results Event study Election of George W. Bush (Republican Party) in 2000 Short-term negative abnormal returns in most sectors, except financials and transportation. Followed by a reversal and even positive abnormal returns in the longer run. A negative first effect appears to be dampened and even reversed as consequence of actual decision making. Election of Barack Obama (Democratic Party) in 2008 Overall picture is unclear: Very mixed results across the industries and across time. The immense extent of the longer-run effect is somewhat puzzling. 16
17 Period Andreas Oehler, Thomas J. Walker, Stefan Wendt (4) Results Regression analysis Panel A: Elections won by a Democrat candidate 0 +2w +4w +10w +26w Constant ** ** ** Mining *** *** *** Contruction * Manufacturing Transportation Wholesale * Financials Services ** ln(mcap) ** *** ** leverage ** ** net inc./tot. ass * Adj. R-squared Prob(F-stat) <0.001 < <0.001 We report regression results with mean CAR following the presidential election days in 1976, 1992, 1996, and 2008 as dependent variables. The event windows are denoted as 0 (the day following the election), +2w (two weeks following the election), etc. The symbols ***, **, and * denote statistical significance at the one, five, and ten percent level, respectively. 17
18 Period Andreas Oehler, Thomas J. Walker, Stefan Wendt (4) Results Regression analysis Panel B: Elections won by a Republican candidate 0 +2w +4w +10w +26w Constant *** *** Mining Contruction * Manufacturing ** ** Transportation ** *** ** * Wholesale * ** ** * Financials * ** *** Services * * ln(mcap) ** ** * leverage net inc./tot. ass *** * * Adj. R-squared Prob(F-stat) <0.001 < We report regression results with mean CAR following the presidential election days in 1980, 1984, 1988, 2000 and 2004 as dependent variables. The event windows are denoted as 0 (the day following the election), +2w (two weeks following the election), etc. The symbols ***, **, and * denote statistical significance at the one, five, and ten percent level, respectively. 18
19 (4) Results Regression analysis Elections won by a Democratic candidate: Hardly any influence of the industry the companies belong to. Some influence of the mining sector. Market participants do not appear to expect industry-specific bias in decision making after the election of a Democratic candidate. Elections won by a Republican candidate: Significant positive influence for companies within the manufacturing, transportation, wholesale trade, and financial sectors. This effect is largely reversed in the longer run. Overall explanatory power is weak. 19
20 (5) Conclusions Elections of all recent U.S. presidents have prompted abnormal company and sector returns, especially in the longer run. Two potential interpretations: the market remains uncertain; the market struggles to reconcile the effects of political changes. Our results support the hypothesis that, following a presidential election, the market corrects, and thus reflects changes in the underlying governing philosophy. No consistent party-specific influence, effects are primarily driven by individual presidents. 20
21 Thank you very much for your attention! 21
Panel A: Treated firm matched to one control firm. t + 1 t + 2 t + 3 Total CFO Compensation 5.03% 0.84% 10.27% [0.384] [0.892] [0.
Online Appendix 1 Table O1: Determinants of CMO Compensation: Selection based on both number of other firms in industry that have CMOs and number of other firms in industry with MBA educated executives
More informationThis appendix tabulates results summarized in Section IV of our paper, and also reports the results of additional tests.
Internet Appendix for Mutual Fund Trading Pressure: Firm-level Stock Price Impact and Timing of SEOs, by Mozaffar Khan, Leonid Kogan and George Serafeim. * This appendix tabulates results summarized in
More informationLiquidity and Risk Premia in Electricity Futures Markets
Liquidity and Risk Premia in Electricity Futures Markets IAEE Conference, Singapore, June 2017 Ivan Diaz-Rainey Associate Professor of Finance & Co-Director of the Otago Energy Research Centre (OERC) With
More informationOnline Appendix to The Effect of Liquidity on Governance
Online Appendix to The Effect of Liquidity on Governance Table OA1: Conditional correlations of liquidity for the subsample of firms targeted by hedge funds This table reports Pearson and Spearman correlations
More informationEconomic Contributions of the Florida Citrus Industry in and for Reduced Production
Economic Contributions of the Florida Citrus Industry in 2014-15 and for Reduced Production Report to the Florida Department of Citrus Alan W. Hodges, Ph.D., Extension Scientist, and Thomas H. Spreen,
More informationInternet Appendix. For. Birds of a feather: Value implications of political alignment between top management and directors
Internet Appendix For Birds of a feather: Value implications of political alignment between top management and directors Jongsub Lee *, Kwang J. Lee, and Nandu J. Nagarajan This Internet Appendix reports
More informationThe R&D-patent relationship: An industry perspective
Université Libre de Bruxelles (ULB) Solvay Brussels School of Economics and Management (SBS-EM) European Center for Advanced Research in Economics and Statistics (ECARES) The R&D-patent relationship: An
More informationAppendix Table A1 Number of years since deregulation
Appendix Table A1 Number of years since deregulation This table presents the results of -in-s models incorporating the number of years since deregulation and using data for s with trade flows are above
More informationOnline Appendix to Voluntary Disclosure and Information Asymmetry: Evidence from the 2005 Securities Offering Reform
Online Appendix to Voluntary Disclosure and Information Asymmetry: Evidence from the 2005 Securities Offering Reform This document contains several additional results that are untabulated but referenced
More informationFinancing Decisions of REITs and the Switching Effect
Financing Decisions of REITs and the Switching Effect By Lucia Gibilaro University of Bergamo Department of Management, Economics and Quantitative Methods and Gianluca Mattarocci University of Rome Tor
More informationInvestment Wines. - Risk Analysis. Prepared by: Michael Shortell & Adiam Woldetensae Date: 06/09/2015
Investment Wines - Risk Analysis Prepared by: Michael Shortell & Adiam Woldetensae Date: 06/09/2015 Purpose Look at investment wines & examine factors that affect wine prices over time We will identify
More informationThe Financing and Growth of Firms in China and India: Evidence from Capital Markets
The Financing and Growth of Firms in China and India: Evidence from Capital Markets Tatiana Didier Sergio Schmukler Dec. 12-13, 2012 NIPFP-DEA-JIMF Conference Macro and Financial Challenges of Emerging
More informationGasoline Empirical Analysis: Competition Bureau March 2005
Gasoline Empirical Analysis: Update of Four Elements of the January 2001 Conference Board study: "The Final Fifteen Feet of Hose: The Canadian Gasoline Industry in the Year 2000" Competition Bureau March
More informationLabor Supply of Married Couples in the Formal and Informal Sectors in Thailand
Southeast Asian Journal of Economics 2(2), December 2014: 77-102 Labor Supply of Married Couples in the Formal and Informal Sectors in Thailand Chairat Aemkulwat 1 Faculty of Economics, Chulalongkorn University
More informationThe Effects of Presidential Politics on CEO Compensation
The Effects of Presidential Politics on CEO Compensation Humnath Panta, Ph.D. Assistant Professor and Finance Program Director Brenau University, Gainesville, GA 30501 Salil K. Sarkar, Ph.D., CFA Coordinator,
More informationDETERMINANTS OF GROWTH
POLICY OPTIONS AND CHALLENGES FOR DEVELOPING ASIA PERSPECTIVES FROM THE IMF AND ASIA APRIL 19-20, 2007 TOKYO DETERMINANTS OF GROWTH IN LOW-INCOME ASIA ARI AISEN INTERNATIONAL MONETARY FUND Paper presented
More informationAmericans say Trump Most Likely to Ruin Thanksgiving Dinner; GOP Opposes Obama on Turkey Pardons
FOR IMMEDIATE RELEASE November 23, 2015 INTERVIEWS: Tom Jensen 919-744-6312 IF YOU HAVE BASIC METHODOLOGICAL QUESTIONS, PLEASE E-MAIL information@publicpolicypolling.com, OR CONSULT THE FINAL PARAGRAPH
More informationFiscal Reaction Functions of Different Euro Area Countries
Fiscal Reaction Functions of Different Euro Area Countries Klaus Weyerstrass 56th SIE Annual Conference, Naples, 22-24 October 2015 Introduction sustainability of public finances Fiscal reaction functions
More informationOF THE VARIOUS DECIDUOUS and
(9) PLAXICO, JAMES S. 1955. PROBLEMS OF FACTOR-PRODUCT AGGRE- GATION IN COBB-DOUGLAS VALUE PRODUCTIVITY ANALYSIS. JOUR. FARM ECON. 37: 644-675, ILLUS. (10) SCHICKELE, RAINER. 1941. EFFECT OF TENURE SYSTEMS
More informationInternet Appendix for CEO Personal Risk-taking and Corporate Policies TABLE IA.1 Pilot CEOs and Firm Risk (Controlling for High Performance Pay)
TABLE IA.1 Pilot CEOs and Firm Risk (Controlling for High Performance Pay) OLS regressions with annualized standard deviation of firm-level monthly stock returns as the dependent variable. A constant is
More informationThe premium for organic wines
Enometrics XV Collioure May 29-31, 2008 Estimating a hedonic price equation from the producer side Points of interest: - assessing whether there is a premium for organic wines, and which one - estimating
More informationStructural Reforms and Agricultural Export Performance An Empirical Analysis
Structural Reforms and Agricultural Export Performance An Empirical Analysis D. Susanto, C. P. Rosson, and R. Costa Department of Agricultural Economics, Texas A&M University College Station, Texas INTRODUCTION
More informationFlexible Working Arrangements, Collaboration, ICT and Innovation
Flexible Working Arrangements, Collaboration, ICT and Innovation A Panel Data Analysis Cristian Rotaru and Franklin Soriano Analytical Services Unit Economic Measurement Group (EMG) Workshop, Sydney 28-29
More informationDietary Diversity in Urban and Rural China: An Endogenous Variety Approach
Dietary Diversity in Urban and Rural China: An Endogenous Variety Approach Jing Liu September 6, 2011 Road Map What is endogenous variety? Why is it? A structural framework illustrating this idea An application
More informationThe Impact of Free Trade Agreement on Trade Flows;
The Impact of Free Trade Agreement on Trade Flows; An Application of the Gravity Model Approach By Shujiro URATA and Misa OKABE Session 1 of Part II, RIETI Policy Symposium Assessing Quality and Impacts
More informationThe Roles of Social Media and Expert Reviews in the Market for High-End Goods: An Example Using Bordeaux and California Wines
The Roles of Social Media and Expert Reviews in the Market for High-End Goods: An Example Using Bordeaux and California Wines Alex Albright, Stanford/Harvard University Peter Pedroni, Williams College
More informationNovember K. J. Martijn Cremers Lubomir P. Litov Simone M. Sepe
ONLINE APPENDIX TABLES OF STAGGERED BOARDS AND LONG-TERM FIRM VALUE, REVISITED November 016 K. J. Martijn Cremers Lubomir P. Litov Simone M. Sepe The paper itself is available at https://papers.ssrn.com/sol3/papers.cfm?abstract-id=364165.
More informationComparative Analysis of Fresh and Dried Fish Consumption in Ondo State, Nigeria
Comparative Analysis of Fresh and Dried Fish Consumption in Ondo State, Nigeria Mafimisebi, T.E. (Ph.D) Department of Agricultural Business Management School of Agriculture & Natural Resources Mulungushi
More informationThe Economics Surrounding Premium Wine Production
The Economics Surrounding Premium Wine Production by Trent Ball 1 and Ray Folwell 2 1 Vineyard and Winery Technology Program, Chair, Yakima Valley Community College, and Partner, 2 Agri-Business Consultants
More informationReturn to wine: A comparison of the hedonic, repeat sales, and hybrid approaches
Return to wine: A comparison of the hedonic, repeat sales, and hybrid approaches James J. Fogarty a* and Callum Jones b a School of Agricultural and Resource Economics, The University of Western Australia,
More informationTransportation demand management in a deprived territory: A case study in the North of France
Transportation demand management in a deprived territory: A case study in the North of France Hakim Hammadou and Aurélie Mahieux mobil. TUM 2014 May 20th, 2014 Outline 1) Aim of the study 2) Methodology
More informationWine-Tasting by Numbers: Using Binary Logistic Regression to Reveal the Preferences of Experts
Wine-Tasting by Numbers: Using Binary Logistic Regression to Reveal the Preferences of Experts When you need to understand situations that seem to defy data analysis, you may be able to use techniques
More informationNuclear reactors construction costs: The role of lead-time, standardization and technological progress
Nuclear reactors construction costs: The role of lead-time, standardization and technological progress Lina Escobar Rangel and Michel Berthélemy Mines ParisTech - Centre for Industrial Economics CERNA
More informationMBA 503 Final Project Guidelines and Rubric
MBA 503 Final Project Guidelines and Rubric Overview There are two summative assessments for this course. For your first assessment, you will be objectively assessed by your completion of a series of MyAccountingLab
More informationInternet Appendix for Does Stock Liquidity Enhance or Impede Firm Innovation? *
Internet Appendix for Does Stock Liquidity Enhance or Impede Firm Innovation? * This Internet Appendix provides supplemental analyses and robustness tests to the main results presented in Does Stock Liquidity
More informationFACTORS DETERMINING UNITED STATES IMPORTS OF COFFEE
12 November 1953 FACTORS DETERMINING UNITED STATES IMPORTS OF COFFEE The present paper is the first in a series which will offer analyses of the factors that account for the imports into the United States
More informationZeitschrift für Soziologie, Jg., Heft 5, 2015, Online- Anhang
I Are Joiners Trusters? A Panel Analysis of Participation and Generalized Trust Online Appendix Katrin Botzen University of Bern, Institute of Sociology, Fabrikstrasse 8, 3012 Bern, Switzerland; katrin.botzen@soz.unibe.ch
More informationValuation in the Life Settlements Market
Valuation in the Life Settlements Market New Empirical Evidence Jiahua (Java) Xu 1 1 Institute of Insurance Economics University of St.Gallen Western Risk and Insurance Association 2018 Annual Meeting
More informationONLINE APPENDIX APPENDIX A. DESCRIPTION OF U.S. NON-FARM PRIVATE SECTORS AND INDUSTRIES
ONLINE APPENDIX APPENDIX A. DESCRIPTION OF U.S. NON-FARM PRIVATE SECTORS AND INDUSTRIES 1997 NAICS Code Sector and Industry Title IT Intensity 1 IT Intensity 2 11 Agriculture, forestry, fishing, and hunting
More informationThe Market Potential for Exporting Bottled Wine to Mainland China (PRC)
The Market Potential for Exporting Bottled Wine to Mainland China (PRC) The Machine Learning Element Data Reimagined SCOPE OF THE ANALYSIS This analysis was undertaken on behalf of a California company
More informationEvaluating Population Forecast Accuracy: A Regression Approach Using County Data
Evaluating Population Forecast Accuracy: A Regression Approach Using County Data Jeff Tayman, UC San Diego Stanley K. Smith, University of Florida Stefan Rayer, University of Florida Final formatted version
More informationUpdate to A Comprehensive Look at the Empirical Performance of Equity Premium Prediction
Update to A Comprehensive Look at the Empirical Performance of Equity Premium Prediction Amit Goyal UNIL Ivo Welch UCLA September 17, 2014 Abstract This file contains updates, one correction, and links
More informationPasta Market in Italy to Market Size, Development, and Forecasts
Pasta Market in Italy to 2019 - Market Size, Development, and Forecasts Published: 6/2015 Global Research & Data Services Table of Contents List of Tables Table 1 Demand for pasta in Italy, 2008-2014 (US
More informationImputation of multivariate continuous data with non-ignorable missingness
Imputation of multivariate continuous data with non-ignorable missingness Thais Paiva Jerry Reiter Department of Statistical Science Duke University NCRN Meeting Spring 2014 May 23, 2014 Thais Paiva, Jerry
More informationNotes on the Philadelphia Fed s Real-Time Data Set for Macroeconomists (RTDSM) Capacity Utilization. Last Updated: December 21, 2016
1 Notes on the Philadelphia Fed s Real-Time Data Set for Macroeconomists (RTDSM) Capacity Utilization Last Updated: December 21, 2016 I. General Comments This file provides documentation for the Philadelphia
More informationAnnika Stensson. Director Research Communications National Restaurant Association Washington, D.C. Restaurant.org/Research.
Annika Stensson Director Research Communications National Restaurant Association Washington, D.C. @WeRRestaurants /RestaurantDotOrg /NationalRestaurantAssociation Restaurant.org/Research 1 Agenda Overview
More informationProblem Set #3 Key. Forecasting
Problem Set #3 Key Sonoma State University Business 581E Dr. Cuellar The data set bus581e_ps3.dta is a Stata data set containing annual sales (cases) and revenue from December 18, 2004 to April 2 2011.
More information$ BUY STARBUCKS CORPORATION (SBUX) Rena Kaufman. Valuation Methodology. Market Data. Financial Summary (7/1/2018) Profile. Financial Analysis
STARBUCKS CORPORATION (SBUX) Market Data Market Cap (intraday): $69,991M Enterprise Value (Aug 9, 2018): $74,898M Enterprise Value/EBITDA (ttm): 14.97x Rena Kaufman $51.88 - BUY Valuation Methodology Method
More informationNotes on the Philadelphia Fed s Real-Time Data Set for Macroeconomists (RTDSM) Indexes of Aggregate Weekly Hours. Last Updated: December 22, 2016
1 Notes on the Philadelphia Fed s Real-Time Data Set for Macroeconomists (RTDSM) Indexes of Aggregate Weekly Hours Last Updated: December 22, 2016 I. General Comments This file provides documentation for
More informationRelationships Among Wine Prices, Ratings, Advertising, and Production: Examining a Giffen Good
Relationships Among Wine Prices, Ratings, Advertising, and Production: Examining a Giffen Good Carol Miu Massachusetts Institute of Technology Abstract It has become increasingly popular for statistics
More informationThe Sources of Risk Spillovers among REITs: Asset Similarities and Regional Proximity
The Sources of Risk Spillovers among REITs: Asset Similarities and Regional Proximity Zeno Adams EBS Business School Roland Füss EBS Business School ZEW Mannheim Felix Schinder ZEW Mannheim Steinbeis University
More informationEffects of political-economic integration and trade liberalization on exports of Italian Quality Wines Produced in Determined Regions (QWPDR)
Effects of political-economic integration and trade liberalization on exports of Italian Quality Wines Produced in Determined Regions (QWPDR) G. De Blasi, A. Seccia, D. Carlucci, F. G. Santeramo Department
More informationSenior poverty in Canada, : A decomposition analysis of income and poverty rates
Senior poverty in Canada, 1973-2006: A decomposition analysis of income and poverty rates Tammy Schirle Department of Economics Wilfrid Laurier University October 2010 Preliminary and Incomplete - Please
More informationPower and Priorities: Gender, Caste, and Household Bargaining in India
Power and Priorities: Gender, Caste, and Household Bargaining in India Nancy Luke Associate Professor Department of Sociology and Population Studies and Training Center Brown University Nancy_Luke@brown.edu
More informationAre Cover Stories Effective Contrarian Indicators?
University of Richmond UR Scholarship Repository Finance Faculty Publications Finance 2-2007 Are Cover Stories Effective Contrarian Indicators? Tom Arnold University of Richmond, tarnold@richmond.edu John
More informationSMALLHOLDER TEA FARMING AND VALUE CHAIN DEVELOPMENT IN CHINA
SMALLHOLDER TEA FARMING AND VALUE CHAIN DEVELOPMENT IN CHINA Intersessional Meeting of the Intergovernmental Group on Tea Rome, 5-6 May 2014 Cheng Fang, Economist, Trade and Markets Division, FAO Yanjiong
More informationGender and Firm-size: Evidence from Africa
World Bank From the SelectedWorks of Mohammad Amin March, 2010 Gender and Firm-size: Evidence from Africa Mohammad Amin Available at: https://works.bepress.com/mohammad_amin/20/ Gender and Firm size: Evidence
More informationVolume 30, Issue 1. Gender and firm-size: Evidence from Africa
Volume 30, Issue 1 Gender and firm-size: Evidence from Africa Mohammad Amin World Bank Abstract A number of studies show that relative to male owned businesses, female owned businesses are smaller in size.
More informationTable A.1: Use of funds by frequency of ROSCA meetings in 9 research sites (Note multiple answers are allowed per respondent)
Appendix Table A.1: Use of funds by frequency of ROSCA meetings in 9 research sites (Note multiple answers are allowed per respondent) Daily Weekly Every 2 weeks Monthly Every 3 months Every 6 months Total
More informationCurtis Miller MATH 3080 Final Project pg. 1. The first question asks for an analysis on car data. The data was collected from the Kelly
Curtis Miller MATH 3080 Final Project pg. 1 Curtis Miller 4/10/14 MATH 3080 Final Project Problem 1: Car Data The first question asks for an analysis on car data. The data was collected from the Kelly
More informationThe Inclusiveness of Africa s Recent High- Growth Episode: Evidence from Six Countries
The Inclusiveness of Africa s Recent High- Growth Episode: Evidence from Six Countries Rodrigo Garcia-Verdu, Abebe Aemro Selassie, and Alun Thomas African Department International Monetary Fund 2012 Economic
More informationInvestment of private firms and the stock price of public industry peers
Investment of private firms and the stock price of public industry peers Hee Jung Choi a, Dong Wook Lee a,* November 2, 2014 Abstract This paper examines how the stock price of publicly traded firms is
More informationSenarath Dharmasena Department of Agricultural Economics Texas A&M University College Station, TX
Consumer Demand for Nut Products in the United States: Application of Semi-parametric Estimation of Censored Quadratic Almost Ideal Demand System (C-QUAIDS) with Household-Level Micro Data Senarath Dharmasena
More informationPerspective of the Labor Market for security guards in Israel in time of terror attacks
Perspective of the Labor Market for security guards in Israel in time of terror attacks 2000-2004 By Alona Shemesh Central Bureau of Statistics, Israel March 2013, Brussels Number of terror attacks Number
More informationICT Use and Exports. Patricia Kotnik, Eva Hagsten. This is a working draft. Please do not cite or quote without permission of the authors.
ICT Use and Exports Patricia Kotnik, Eva Hagsten This is a working draft. Please do not cite or quote without permission of the authors. September 2012 Introduction Studies have shown that two major distinguishing
More informationECONOMIC IMPACT OF LEGALIZING RETAIL ALCOHOL SALES IN BENTON COUNTY. Produced for: Keep Dollars in Benton County
ECONOMIC IMPACT OF LEGALIZING RETAIL ALCOHOL SALES IN BENTON COUNTY Produced for: Keep Dollars in Benton County Willard J. Walker Hall 545 Sam M. Walton College of Business 1 University of Arkansas Fayetteville,
More informationPitfalls for the Construction of a Welfare Indicator: An Experimental Analysis of the Better Life Index
Clemens Hetschko, Louisa von Reumont & Ronnie Schöb Pitfalls for the Construction of a Welfare Indicator: An Experimental Analysis of the Better Life Index University Alliance of Sustainability Spring
More informationThe Bank Lending Channel of Conventional and Unconventional Monetary Policy: A Euro-area bank-level Analysis
The Bank Lending Channel of Conventional and Unconventional Monetary Policy: A Euro-area bank-level Analysis by U. Albertazzi, A. Nobili and F. Signoretti (Banca d Italia) Workshop : Effectiveness and
More informationGrape Growers of Ontario Developing key measures to critically look at the grape and wine industry
Grape Growers of Ontario Developing key measures to critically look at the grape and wine industry March 2012 Background and scope of the project Background The Grape Growers of Ontario GGO is looking
More informationBORDEAUX WINE VINTAGE QUALITY AND THE WEATHER ECONOMETRIC ANALYSIS
BORDEAUX WINE VINTAGE QUALITY AND THE WEATHER ECONOMETRIC ANALYSIS WINE PRICES OVER VINTAGES DATA The data sheet contains market prices for a collection of 13 high quality Bordeaux wines (not including
More informationTHE IMPACT OF THE DEEPWATER HORIZON GULF OIL SPILL ON GULF COAST REAL ESTATE MARKETS
THE IMPACT OF THE DEEPWATER HORIZON GULF OIL SPILL ON GULF COAST REAL ESTATE MARKETS Rebel A. Cole, PhD, CRE Kaye Family Endowed Professor Florida Atlantic University Department of Finance Richard J. Roddewig,
More informationSyndication, Interconnectedness, and Systemic Risk
Syndication, Interconnectedness, and Systemic Risk Jian Cai (WashU) Anthony Saunders (NYU Stern) Sascha Steffen (ESMT) Global Financial Interconnectedness Basel, 1-2 Oct 2015 1 This paper addresses the
More informationNorth America Ethyl Acetate Industry Outlook to Market Size, Company Share, Price Trends, Capacity Forecasts of All Active and Planned Plants
North America Ethyl Acetate Industry Outlook to 2016 - Market Size, Company Share, Price Trends, Capacity Forecasts of All Active and Planned Plants Reference Code: GDCH0416RDB Publication Date: October
More informationTechnical Memorandum: Economic Impact of the Tutankhamun and the Golden Age of the Pharoahs Exhibition
Technical Memorandum: Economic Impact of the Tutankhamun and the Golden Age of the Pharoahs Exhibition Prepared for: The Franklin Institute Science Museum Prepared by: Urban Partners November 2007 Economic
More informationWhat does radical price change and choice reveal?
What does radical price change and choice reveal? A project by YarraValley Water and the Centre for Water Policy Management November 2016 CRICOS Provider 00115M latrobe.edu.au CRICOS Provider 00115M Objectives
More informationMore information at Global and Chinese Pressure Seal Machines Industry, 2018 Market Research Report
Report Information More information at https://www.htfmarketreport.com/reports/1320915 Global and Chinese Pressure Seal Machines Industry, 2018 Market Research Report Report Code: HTF1320915 Pages: 150
More informationCointegration Analysis of Commodity Prices: Much Ado about the Wrong Thing? Mindy L. Mallory and Sergio H. Lence September 17, 2010
Cointegration Analysis of Commodity Prices: Much Ado about the Wrong Thing? Mindy L. Mallory and Sergio H. Lence September 17, 2010 Cointegration Analysis, Commodity Prices What is cointegration analysis?
More informationConsumer Responses to Food Products Produced Near the Fukushima Nuclear Plant
Consumer Responses to Food Products Produced Near the Fukushima Nuclear Plant Kentaka Aruga Faculty of Bioproduction Science Ishikawa Prefectural University e-mail: kentaka.aruga@gmail.com Contents of
More informationPROCEDURE million pounds of pecans annually with an average
SOUTHERN JOURNAL OF AGRICULTURAL ECONOMICS JULY, 1972 THE CONSUMER MARKET FOR PECANS AND COMPETING NUTS F. W. Williams, M. G. LaPlante, and E. K. Heaton Pecans contribute significantly to agricultural
More informationOn-line Appendix for the paper: Sticky Wages. Evidence from Quarterly Microeconomic Data. Appendix A. Weights used to compute aggregate indicators
Hervé LE BIHAN, Jérémi MONTORNES, Thomas HECKEL On-line Appendix for the paper: Sticky Wages. Evidence from Quarterly Microeconomic Data Not intended for publication Appendix A. Weights ud to compute aggregate
More information1/17/manufacturing-jobs-used-to-pay-really-well-notanymore-e/
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/0 1/17/manufacturing-jobs-used-to-pay-really-well-notanymore-e/ Krugman s Trade Policy History Course: https://webspace.princeton.edu/users/pkrugman/wws%205
More informationAn Empirical Analysis of the U.S. Import Demand for Nuts
An Empirical Analysis of the U.S. Import Demand for Nuts by Sona Grigoryan M.S. Student, College of Agricultural Sciences and Natural Resources, Texas A&M University-Commerce sgrigoryan@leomail.tamuc.edu
More informationNorth Carolina Exports by Quarter (in constant 2Q 2013 dollars)
P. 1/6 in Billions in Billions 1 North Carolina Trade Report 1, First Half of 2013 Exports from North Carolina play an increasingly important role in the state s economic recovery and job growth. That
More informationHamburger Pork Chop Deli Ham Chicken Wing $6.46 $4.95 $4.03 $3.50 $1.83 $1.93 $1.71 $2.78
FooDS FOOD DEMAND SURVEY Volume 5, Issue 5 : September 19, 2017 About the Survey FooDS tracks consumer preferences and sentiments on the safety, quality, and price of food at home and away from home with
More informationPARENTAL SCHOOL CHOICE AND ECONOMIC GROWTH IN NORTH CAROLINA
PARENTAL SCHOOL CHOICE AND ECONOMIC GROWTH IN NORTH CAROLINA DR. NATHAN GRAY ASSISTANT PROFESSOR BUSINESS AND PUBLIC POLICY YOUNG HARRIS COLLEGE YOUNG HARRIS, GEORGIA Common claims. What is missing? What
More informationThe Development of a Weather-based Crop Disaster Program
The Development of a Weather-based Crop Disaster Program Eric Belasco Montana State University 2016 SCC-76 Conference Pensacola, FL March 19, 2016. Belasco March 2016 1 / 18 Motivation Recent efforts to
More informationTHE ECONOMIC IMPACT OF BEER TOURISM IN KENT COUNTY, MICHIGAN
THE ECONOMIC IMPACT OF BEER TOURISM IN KENT COUNTY, MICHIGAN Dan Giedeman, Ph.D., Paul Isely, Ph.D., and Gerry Simons, Ph.D. 10/8/2015 THE ECONOMIC IMPACT OF BEER TOURISM IN KENT COUNTY, MICHIGAN EXECUTIVE
More informationPRIVATE AND PUBLIC MERGER WAVES
PRIVATE AND PUBLIC MERGER WAVES Vojislav Maksimovic, University of MD, Gordon Phillips, University of MD and NBER, Liu Yang, UCLA April 200 What do we do? We analyze public and private firm merger waves
More information"Primary agricultural commodity trade and labour market outcome
"Primary agricultural commodity trade and labour market outcomes" FERDI - Fondation pour les Etudes et Recherches sur le Developpement International African Economic Conference 2014 - Knowledge and innovation
More informationData Science and Service Research Discussion Paper
Discussion Paper No. 69 A Network Analysis of International Financial Flows Hongwei Chuang and Navruzbek Karamatov Graduate School of Economics and Management, Tohoku University August, 2017 Data Science
More informationIRS Enforcement and State Corporate Income Tax Revenues. Margot Howard University of North Carolina June 20, 2013
IRS Enforcement and State Corporate Income Tax Revenues Margot Howard University of North Carolina June 20, 2013 Overview Relation between state corporate income tax (SCIT) revenues and IRS enforcement
More informationSchool of Economics, Finance and Accounting, Coventry University, CV1 5FB, United Kingdom
Effects of Terrorist Attacks on Stock and Foreign Exchange Markets: International Evidence Jin Suk Park and Mohammad Khaleq Newaz * School of Economics, Finance and Accounting, Coventry University, CV1
More informationChapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model
hapter 3 Labor Productivity and omparative Advantage: The Ricardian Model Preview Opportunity costs and comparative advantage Production possibilities Relative supply, relative demand & relative prices
More informationNapa Highway 29 Open Wineries
4 5 6 7 8 9 35 4 45 5 55 Sonoma State University Business 58-Business Intelligence Problem Set #6 Key Dr. Cuellar Trend Analysis-Analyzing Tasting Room Strategies 1. Graphical Analysis a. Show graphically
More informationPeet's Coffee & Tea, Inc. Reports 62% Increase in Second Quarter 2008 Diluted Earnings Per Share
Peet's Coffee & Tea, Inc. Reports 62% Increase in Second Quarter 2008 Diluted Earnings Per Share EMERYVILLE, Calif., July 31, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Peet's Coffee & Tea,
More informationInternet Appendix to. The Price of Street Friends: Social Networks, Informed Trading, and Shareholder Costs. Jie Cai Ralph A.
Internet Appendix to The Price of Street Friends: Social Networks, Informed Trading, and Shareholder Costs Jie Cai Ralph A. Walkling Ke Yang October 2014 1 A11. Controlling for s Logically Associated with
More informationCitrus Attributes: Do Consumers Really Care Only About Seeds? Lisa A. House 1 and Zhifeng Gao
Citrus Attributes: Do Consumers Really Care Only About Seeds? Lisa A. House 1 and Zhifeng Gao Selected Paper prepared for presentation at the Agricultural and Applied Economics Association Annual Meeting,
More information5. Supporting documents to be provided by the applicant IMPORTANT DISCLAIMER
Guidance notes on the classification of a flavouring substance with modifying properties and a flavour enhancer 27.5.2014 Contents 1. Purpose 2. Flavouring substances with modifying properties 3. Flavour
More informationHW 5 SOLUTIONS Inference for Two Population Means
HW 5 SOLUTIONS Inference for Two Population Means 1. The Type II Error rate, β = P{failing to reject H 0 H 0 is false}, for a hypothesis test was calculated to be β = 0.07. What is the power = P{rejecting
More informationLooking Long: Demographic Change, Economic Crisis, and the Prospects for Reducing Poverty. La Conyuntura vs. the Long-run
Looking Long: Demographic Change, Economic Crisis, and the Prospects for Reducing Poverty Manuel Pastor June 2009 La Conyuntura vs. the Long-run We tend to think about short-term pressures and politics......
More information