Political Uncertainty and Stock Market Returns: Evidence from the 1995 Quebec Referendum
CIRPEE Working Paper No. 05-31
28 Pages Posted: 10 Nov 2005
Date Written: October 2005
Abstract
In this study, we investigate the short run effect of the October 30th, 1995 Quebec referendum on the common stock returns of Quebec firms. Our results show that the uncertainty surrounding the referendum outcome had an impact on stock returns of Quebec firms. We also find that the effect of the referendum varied with the political risk exposure of Quebec firms, that is, the structure of assets and principally the degree of foreign involvement.
Keywords: Political uncertainty, stock market returns, 1995 Québec referendum
JEL Classification: G12, G14, G15, G31
Suggested Citation: Suggested Citation
Beaulieu, Marie-Claude and Essaddam, Naceur and Cosset, Jean-Claude, Political Uncertainty and Stock Market Returns: Evidence from the 1995 Quebec Referendum (October 2005). CIRPEE Working Paper No. 05-31, Available at SSRN: https://ssrn.com/abstract=841344 or http://dx.doi.org/10.2139/ssrn.841344
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