Political Uncertainty and Corporate Investment Cycles
Abstract
We document cycles in corporate investment corresponding with the timing of national elections around the world. During election years, firms reduce investment expenditures by an average of 4.8% relative to nonelection years, controlling for growth opportunities and economic conditions. The magnitude of the investment cycles varies with different country and election characteristics. We investigate several potential explanations and find...
Paper Details
Title
Political Uncertainty and Corporate Investment Cycles
Published Date
Jan 17, 2012
Journal
Volume
67
Issue
1
Pages
45 - 83
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