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Political instability and stock market returns : evidence from firm-level panel data of securities in Bangladesh
https://doi.org/10.20561/00050364
https://doi.org/10.20561/00050364e85c07de-43b8-4507-a19e-57afdf83a089
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
Full-text PDF (1.1 MB)
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| Item type | アジ研テクニカルレポート / IDE Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2018-05-14 | |||||
| タイトル | ||||||
| タイトル | Political instability and stock market returns : evidence from firm-level panel data of securities in Bangladesh | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| ID登録 | ||||||
| ID登録 | 10.20561/00050364 | |||||
| ID登録タイプ | JaLC | |||||
| 著者 |
Iqbal, Kazi
× Iqbal, Kazi× Tsubota, Kenmei× Shonchoy, Abu S× Hoque, Mainul |
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| 著者別名 | ||||||
| 坪田,建明 | ||||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Conflict, political uncertainty and its impact on stock market has been a subject of interest in the literature. However, no study has yet explored the impact of political strikes on stock market outcomes. Political strike -- locally known as Hartal in Bangladesh -- is a different form of conflict than war or street protest, which is recurrent in nature. Using Dhaka Stock Exchange daily trading data of firms for the period 2005-2015 and controlling for a host of variables such as day, month, year, day-of-year trend and firm fixed effects, we find that political strike has a negative and statistically significant impact on stock market return. Our results show that, on the day of a political strike, stock market return drops about 0.14% which is economically sizable. This effect gets pronounced as the frequency of strike increases, based on week, month or year count of occurrences. Impact heterogeneity reveals that large firms are affected more from hartals compared to smaller firms. | |||||
| 権利 | ||||||
| 権利情報 | Copyrights 日本貿易振興機構（ジェトロ）アジア経済研究所 / Institute of Developing Economies, Japan External Trade Organization (IDE-JETRO) http://www.ide.go.jp | |||||
| 収録情報 |
IDE Discussion Paper en : IDE Discussion Paper 巻 712, 発行日 2018-05 |
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| 出版者 | ||||||
| 出版者 | Institute of Developing Economies (IDE-JETRO) | |||||
| 著者版フラグ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:D24 - Production • Cost • Capital • Capital, Total Factor, and Multifactor Productivity • Capacity | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:D74 - Conflict • Conflict Resolution • Alliances • Revolutions | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:O14 - Industrialization • Manufacturing and Service Industries • Choice of Technology | |||||
| 地域/国名 | ||||||
| 位置情報（自由記述） | Bangladesh | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Political strikes | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Stock price | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Impact analysis | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Securities | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| DIG_NO | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | IDP000712_001 | |||||
