Please use this identifier to cite or link to this item:
https://ruomo.lib.uom.gr/handle/7000/474
Title: | Political elections, abnormal returns and stock price volatility: the case of Greece |
Authors: | Koulakiotis, Athanasios Papapanagos, Harry Papasyriopoulos, Nicholas |
Type: | Article |
Subjects: | FRASCATI::Social sciences::Economics and Business::Finance |
Issue Date: | 2016 |
Source: | Investment Management and Financial Innovations |
Volume: | 13 |
Issue: | 1 |
First Page: | 161 |
Last Page: | 169 |
Abstract: | The impact of the Greek political elections on the return and volatility of the Athens Stock Exchange (ASE) is investigated using both the standard event study methodology and various univariate GARCH models. The empirical results reveal positive pre- and post-election abnormal returns, but negative on the day of the election. Strong evidence is also found that suggests that the election outcome significantly affects the ASE return; however, the evidence is rather limited for the ASE volatility. The empirical findings raise doubts about the efficiency of the Greek stock market and might have important implications for investors with respect to decisions regarding entering and/or exiting the market or investment strategies around time periods where political elections are going to take place |
URI: | https://doi.org/10.21511/imfi.13(1-1).2016.03 https://ruomo.lib.uom.gr/handle/7000/474 |
ISSN: | 1810-4967 1812-9358 |
Other Identifiers: | 10.21511/imfi.13(1-1).2016.03 |
Appears in Collections: | Department of Balkan, Slavic & Oriental Studies |
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