Parliamentary Elections’ Impact on European Stock Exchanges

Student: Imatova Adelya

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2018

This study analyzes how parliamentary elections affect European companies’ abnormal returns. We are interested in both the direction of returns’ movement and in the set of variables, which determine it. Several popular hypotheses were proven and some our own statistically significant results were obtained using econometric analysis on 147 events and 29 countries: (1) Low parliament turnover has positive impact on stock returns in the countries with high level of corruption. (2) High level of parliament monopolization has different impact on stock returns in the countries of Western and Eastern Europe. (3) The victory of centre-right parties has positive impact on stock returns in the countries of Western and Eastern Europe.

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