Patriotic Name Bias and Stock Returns

Benos, Evangelos; Jochec, Marek

doi:10.2139/ssrn.993289

Abstract

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Patriotic Name Bias and Stock Returns

Evangelos Benos

University of Illinois at Urbana-Champaign

ISCTE

April 8, 2009

Abstract:
Stocks with "patriotic" names earn positive abnormal returns of about 6% per annum during the Second World War, the War in Korea and the War on Terror. These abnormal returns are not realized immediately upon the outbreak of each of the wars but are accumulated gradually during wartime. We hypothesize that victorious wars arouse investors' patriotic feelings and cause them to gradually and perhaps subconsciously gravitate toward stocks whose name has a patriotic flavor.

Number of Pages in PDF File: 35

Keywords: patriotism, stock returns

JEL Classification: G14

working papers series

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Date posted: February 6, 2008 ; Last revised: October 27, 2011

Suggested Citation

Benos, Evangelos and Jochec, Marek, Patriotic Name Bias and Stock Returns (April 8, 2009). Available at SSRN: http://ssrn.com/abstract=993289 or http://dx.doi.org/10.2139/ssrn.993289

Contact Information

Evangelos Benos University of Illinois at Urbana-Champaign ( email ) 601 E John St Champaign, IL 61820 United States
Marek Jochec (Contact Author) ISCTE ( email ) Portugal

Abstract

References (16)

Citations (1)

Patriotic Name Bias and Stock Returns

Evangelos Benos

Marek Jochec

Date posted: February 6, 2008 ; Last revised: October 27, 2011

Suggested Citation

Contact Information

Evangelos Benos

Marek Jochec (Contact Author)