Political uncertainty and commonality in liquidity

被引：1

作者：

Dang, Tung Lam ^{[1
]}

Luong, Hoang ^{[2
]}

Nguyen, Lily ^{[2
]}

Nguyen, My ^{[3
]}

机构：

[1] Univ Danang, Univ Econ, Da Nang, Vietnam

[2] Univ Queensland, UQ Business Sch, Brisbane, Australia

[3] RMIT Univ, Sch Econ Finance & Mkt, Melbourne, Australia

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2024年 / 83卷

关键词：

Political uncertainty; National elections; Commonality in liquidity; International markets; Market volatility; ECONOMIC-POLICY UNCERTAINTY; CROSS-SECTION; INVESTMENT; TRANSPARENCY; DETERMINANTS; MARKETS; MERGERS; WORLD; PRICE;

D O I：

10.1016/j.pacfin.2023.102249

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine whether political uncertainty affects commonality in liquidity worldwide. Using national elections as a proxy for political uncertainty across 40 countries over 2000-2019, we document a positive effect of political uncertainty on commonality in liquidity. This effect is stronger for firms with greater institutional ownership but weaker for those headquartered in countries with greater checks and balances and government stability, more market-friendly incumbent governments, and better institutional structures. Our findings support both the demand- and supply-side sources of liquidity as channels through which political uncertainty affects commonality in liquidity.

引用

页数：22

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