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Clientele Political Ideology and Asset Prices
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| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | Clientele Political Ideology and Asset Prices. |
| 개인저자 | Hoyos Suarez, Alejandro. |
| 단체저자명 | The University of Chicago. Economics and Business. |
| 발행사항 | [S.l.]: The University of Chicago., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 81 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-03A. Dissertation Abstract International |
| ISBN | 9781085620871 |
| 학위논문주기 | Thesis (Ph.D.)--The University of Chicago, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
Advisor: Veronesi, Pietro. |
| 이용제한사항 | This item must not be sold to any third party vendors.This item must not be added to any third party search indexes. |
| 요약 | I propose a novel measure of clientele political ideology at the firm level using data from social media. Under Democratic presidencies, firms with the most liberal clientele exhibit excess stock returns that are 19.2 percentage points per year higher than under Republican presidencies. This partisan gap decreases monotonically with clientele conservatism, reaching 3.6 percentage points per year for firms with the most conservative clientele. These differences in returns around the presidential-partisan cycle do not seem to be attributable to differences in risk exposure or in volatility. The analysis around close presidential elections shows the portfolio of firms with clienteles whose beliefs are aligned more closely with those of the winning party begins to exhibit relatively higher abnormal returns in the days after the election. |
| 일반주제명 | Finance. Web studies. Economics. Political science. |
| 언어 | 영어 |
| 바로가기 | 
: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |
