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Article
Publication date: 6 June 2008

Christos Floros

The paper's aim is to examine the influence of the Greek political elections on the course of the Athens Stock Exchange (ASE). Using daily data from the ASE General Price…

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Abstract

Purpose

The paper's aim is to examine the influence of the Greek political elections on the course of the Athens Stock Exchange (ASE). Using daily data from the ASE General Price Index, it seeks to empirically examine the effect of political elections (Parliamentary and European elections) on the course of the ASE over the period 1996‐2002.

Design/methodology/approach

This paper examines the relationship between Greek political elections and ASE using ordinary least squares (OLS) models. It concentrates on the pre‐election and the post‐election periods of the last decade. Daily closing prices of the General ASE index are used for the period 1996‐2002.

Findings

The results show that two months prior to the elections index performance increases on average and the mean daily fluctuation decreases. One month before the elections, index performance decreases, the mean daily fluctuation increases and the change of daily exchange value increases on average. During the three‐month post‐election period, there is a considerable increase of index progress. Furthermore, between three and six months after the elections, a decrease in performance is found, while for a collective six months after the elections, there is remarkably positive course. Using a simple OLS model with a dummy variable, it is found that there is a negative effect of the political elections on the course of the ASE. However, this effect is always insignificant.

Practical implications

The results have important implications for traders, investors and political analysts. The findings are strongly recommended to financial managers dealing with Greek stock indices.

Originality/value

The main contribution of this paper is to provide evidence using data before and after the financial crisis of 1999‐2001 in Greece.

Details

Managerial Finance, vol. 34 no. 7
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 31 May 2005

Satish P. Deshpande and Jacob Joseph

The objective of this research was to examine factors that impact union elections in the trucking sector. Since trucking firms are labor intensive, unions can have an…

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139

Abstract

The objective of this research was to examine factors that impact union elections in the trucking sector. Since trucking firms are labor intensive, unions can have an impact on the cost of doing business and competitiveness. One hundred and ninety‐nine union elections conducted by the National Labor Relations Board in trucking firms between January 2001 and December 2002 were examined. Type of union, size of bargaining unit, election delays, and voter turnout significantly impacted union win rates. Type of election, type of state, and type of bargaining unit did not impact union win rates. Implications for managers, educators, and union leaders in trucking are discussed.

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International Journal of Commerce and Management, vol. 15 no. 2
Type: Research Article
ISSN: 1056-9219

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Article
Publication date: 3 May 2016

Spyridon Repousis

The purpose of this paper is to examine the influence of major non-economic events such as the results of five Greek national Parliamentary elections during 1996-2009 on…

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763

Abstract

Purpose

The purpose of this paper is to examine the influence of major non-economic events such as the results of five Greek national Parliamentary elections during 1996-2009 on the Greek banks’ stocks.

Design/methodology/approach

Using daily data from the Athens Stock Exchange, event study methodology and market model, the results of this paper claim that the five Greek national Parliamentary elections during the 1996-2009 period had no statistically significant effect on the Greek banks’ stocks. The results show that cumulative average abnormal returns (CAARs) were slightly positive or negative for Greek banks’ stocks but not statistically significant at 5 and 10 per cent confidence levels.

Findings

Investors were not surprised and the political information caused no change and no influence on the future and course of the stock market. Expected winning political party was the same as the actual winning political party. Results showed that during pre-event period of 2000 and 2004 Greek national Parliamentary elections, CAARs for Greek banks’ stocks were slightly positive and after the event period were slightly negative but not statistically significant at all periods. During 2007 Greek national Parliamentary elections, the effect of elections changed because CAARs were generally slightly negative during the pre-event period and positive after the event period. Also, non-statistically significant CAARs indicate that there is no evidence that either political party was able to manipulate bank stocks’ prices for election purposes.

Originality/value

The main contribution of this paper is to provide evidence about effects of national elections to bank stocks’ prices which have important implications for stockbrokers, investors, politicians and political analysts.

Details

Journal of Financial Crime, vol. 23 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 5 July 2021

Biswa Swarup Misra

The purpose of this paper is to examine political accountability to the voter in India by studying re-election patterns in 14 major states categorized as leading and…

Abstract

Purpose

The purpose of this paper is to examine political accountability to the voter in India by studying re-election patterns in 14 major states categorized as leading and lagging during the period 1952–2015.

Design/methodology/approach

This study has computed a state-wise re-election index by taking the ratio of the number of constituencies exhibiting re-election in four consecutive terms during 1952–1999 to the total number of constituencies in the state. The time-invariant re-election index as of the year 1999 is used to estimate the impact of the re-election on per capita state income during 2001–2015. This paper has used the correlated random effects estimation procedure that considers the state-specific unobserved factors while using a time-invariant regressor to ascertain the impact of re-election.

Findings

This study finds that persistent re-election does not seem to lead to better development outcomes. When this study computes the re-election index by excluding constituencies that are underdeveloped both in the economic and social spheres, this paper finds the asymmetric impact of re-election for the leading and the lagging states. The findings suggest that historical institutions in the laggings states could be driving the empirical results. The empirical findings are corroborated by the relatively poor availability of basic amenities in constituencies exhibiting persistent re-election when compared to the state average.

Practical implications

The findings suggest that the provision of re-election without term limits may need to be revisited in the lagging states for better political accountability.

Originality/value

First, the authors study the pattern of constituency-wise re-election to compute state-wise re-election index to capture persistent re-election. Second, the authors assess the development status of a constituency by mapping it to the development indicators of the district in which the constituency is located. This paper considers both economic as well social indicators of development. Third, the time-invariant nature of the re-election index helps to address reverse causality while studying the impact of re-election on development. Fourth, the authors use a novel econometric methodology to study the impact of the re-election on development given the time-invariant characteristic of the re-election index.

Details

Indian Growth and Development Review, vol. 14 no. 3
Type: Research Article
ISSN: 1753-8254

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Book part
Publication date: 30 January 2014

Ashley Gromis

Campaign songs have been staples of U.S. presidential elections for more than 200 years, but have undergone important changes in not only structure over time, but who uses…

Abstract

Campaign songs have been staples of U.S. presidential elections for more than 200 years, but have undergone important changes in not only structure over time, but who uses them and why. Following a discussion of the concentration of the American popular music industry and the shift from party-based to ideology-driven electoral politics, a two-dimension typology and hypotheses are formulated to help discern the distinct roles of these institutions in the transformation of the U.S. presidential campaign song. Data was systematically collected on the most prominent songs associated with each presidential campaign from 1788 to the present. In order to provide greater context for the use of songs in presidential campaigns over time, additional newspaper articles were collected for four elections. Results suggest that changes in the structure of the American music industry and the organization of presidential campaigns significantly affect the form of U.S. presidential campaign songs.

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Voices of Globalization
Type: Book
ISBN: 978-1-78190-546-3

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Book part
Publication date: 23 February 2016

Francis P. Barclay, C. Pichandy, Anusha Venkat and Sreedevi Sudhakaran

Do public opinion and political sentiments expressed on Twitter during election campaign have a meaning and message? Are they inferential, that is, can they be used to…

Abstract

Purpose

Do public opinion and political sentiments expressed on Twitter during election campaign have a meaning and message? Are they inferential, that is, can they be used to estimate the political mood prevailing among the masses? Can they also be used to reliably predict the election outcome? To answer these in the Indian context, the 2014 general election was chosen.

Methodology/approach

Tweets posted on the leading parties during the voting and crucial campaign periods were mined and manual sentiment analysis was performed on them.

Findings

A strong and positive correlation was observed between the political sentiments expressed on Twitter and election results. Further, the Time Periods during which the tweets were mined were found to have a moderating effect on this relationship.

Practical implications

This study showed that the month preceding the voting period was the best to predict the vote share with Twitter data – with 83.9% accuracy.

Social implications

Twitter has become an important public communication tool in India, and as the study results reinstate, it is an ideal research tool to gauge public opinion.

Details

Communication and Information Technologies Annual
Type: Book
ISBN: 978-1-78560-785-1

Keywords

Content available
Article
Publication date: 29 March 2021

Ali Mahmoud Mahgoub

The purpose of this study is to examine the impact of using proportional representation system on the fragmentation of the party system in the Algerian political system…

Abstract

Purpose

The purpose of this study is to examine the impact of using proportional representation system on the fragmentation of the party system in the Algerian political system within the period from 1997 to 2017, in which Algeria has experienced five legislative elections regularly every five years by testing a hypothesis about adopting the proportional representation system on the basis of the closed list during the foregoing legislative elections has obviously influenced the exacerbation of the Algerian party system’s fragmentation, compared to other factors.

Design/methodology/approach

The essence of the theoretical framework of this study is to address the effect of the electoral system as an independent variable on the party system as a dependent variable. The starting point for that framework is to reassess the “Duverger’s law,” which appeared since the early 1950s and has influenced the foregoing relationship, and then to review the literature on a new phase that tried to provide a more accurate mechanism for determining the number of parties and their relative weight, whether in terms of electoral votes or parliamentary seats. This means that researchers began to use a measure called the effective number of parties (ENP) for Laakso and Taagepera since 1979. The study elaborates the general concepts of the electoral system and the party system. It used Laakso, Taagepera index of the “ENP” to measure the phenomenon of fragmentation party during the five legislative elections from 1997 to 2017 in Algeria.

Findings

The results of the study reveal that the proportional representation electoral system – beside other factors – had clear impacts on the fragmentation of the Algerian party system by all standards, whether on the level of the apparent rise in the number of the parties represented in the Algerian parliament from 10 parties in 1997 election to 36 parties in 2017 election or according to the index of Laakso and Taagepera (ENP). The average number of effective number of electoral parties in the five elections was around 7.66, and the average number of effective number of parliamentary parties in the five elections was around 4.39, which puts Algeria in an advanced degree of the fragmentation of the party system.

Originality/value

This study about the phenomenon of the fragmentation of the party system, which is one of the new subjects in the field of comparative politics – globally and in the Arab world. Hence, the value of this study aims to shed light on this mysterious area of science, the fragmentation of the party system in the Algerian political system during the period from 1997 to 2017.

Details

Review of Economics and Political Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2356-9980

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Book part
Publication date: 16 October 2017

Seon-Gyu Go

This chapter explores how the Korean electoral management bodies (EMBs) and the election administration ensure the autonomy of administrative management from political…

Abstract

This chapter explores how the Korean electoral management bodies (EMBs) and the election administration ensure the autonomy of administrative management from political parties and the interior ministry. In particular, the analysis focuses on the role of recognition, rights independence, and professionalism in securing the election administrations in the EMBs. Recent studies have found that the contents of the independent variable, dependent variable, and other parameters influencing fair and autonomous election management system do not differ significantly. Therefore, the institutional independence of the EMBs is not intended to guarantee fairness and impartiality in Korea either. Since 1987, the authoritarian regime collapsed and democracy began to grow in Korea. Also, the role of the EMBs granted by the constitution started to be considered.

Actively recognizing the role and expanding the rights of the Korean National Election Commission (NEC) has become a decisive factor in the formation of the autonomous and neutral election management system. The scale, manpower and budget of organizations, and personnel have increased. The role of the EMBs has also expanded proportionally. The Korean NEC has enormous authority, such as investigative power and enforcement power that the EMBs of other countries do not have. After all, recognizing the role of bureaucracy and government employees will become a very important factor in ensuring the independence of the EMBs in developing countries. Furthermore, it will be a driving force to develop democracy in developing countries.

Details

The Experience of Democracy and Bureaucracy in South Korea
Type: Book
ISBN: 978-1-78714-471-2

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Abstract

Details

The Political Economy of Policy Reform: Essays in Honor of J. Michael Finger
Type: Book
ISBN: 978-0-44451-816-3

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Abstract

Details

Topics in Analytical Political Economy
Type: Book
ISBN: 978-1-84950-809-4

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