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Prague Stock Exchange Welcomes the New President

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F08%3A00019269" target="_blank" >RIV/61989100:27510/08:00019269 - isvavai.cz</a>

  • Result on the web

  • DOI - Digital Object Identifier

Alternative languages

  • Result language

    angličtina

  • Original language name

    Prague Stock Exchange Welcomes the New President

  • Original language description

    This comprehensive study examines the performance of stock market, stock market volatility, incumbent election success and the presence of a ?day of the week? effect in the Czech republic during presidential cycles. The results reveal higher stock returns and volatility during the Klaus administration. Nevertheless, the social mood theory and political policy theory fall in dispute. Prior 1-month returns (before presidential election) and prior 3-year returns (before parliamentary elecions) confirm thesocial mood theory that incumbent party candidate will win. However on the other hand, the change in the presidential administration from the Left to the Right confirm the political theory that the president is a predictor of the stock market. Finally, the pattern of the ?day of the week? effect differs between the two presidential administrations. While during the Havel administration negative Wednesday was significant, during the Klaus administration positive allweek pattern was found.

  • Czech name

    Kapitálový trh, Kalendářní anomálie, Prezidentská příslušnost

  • Czech description

    Analýza vývoje kapitálového trhu v souvislosti s volbami do úřadu prezidenta podle politické (ideologické) příslušnosti a sledování kalendářních efektů během politického cyklu.

Classification

  • Type

    D - Article in proceedings

  • CEP classification

    AH - Economics

  • OECD FORD branch

Result continuities

  • Project

  • Continuities

    S - Specificky vyzkum na vysokych skolach

Others

  • Publication year

    2008

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Article name in the collection

    Sborník konference studentů doktorského studia

  • ISBN

    978-80-245-1359-1

  • ISSN

  • e-ISSN

  • Number of pages

    12

  • Pages from-to

  • Publisher name

    Oeconomica

  • Place of publication

    Praha

  • Event location

  • Event date

  • Type of event by nationality

  • UT code for WoS article