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
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DOI - Digital Object Identifier
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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
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Result continuities
Project
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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
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e-ISSN
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Number of pages
12
Pages from-to
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Publisher name
Oeconomica
Place of publication
Praha
Event location
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Event date
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Type of event by nationality
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UT code for WoS article
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