Government Hand-Outs, Political Institutions, and Stock Price Dispersion

  • Fiona McGillivray

Abstract

Cross-sectional time-series data from 14 stock markets, from 1973-1996, are used to study how comparative political institutions affect party governments’ incentives to enrich one group of industries at the expense of another. Using measures of cross-sectoral variance of prices within stock markets as a proxy for change in redistributive policy, I show… (More)

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8 Figures and Tables