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The impact of party alternative on the stock market: the case of Japan

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  • Chin-Tsai Lin
  • Yi-Hsien Wang
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    Abstract

    This paper tries to clarify whether change in political regime has an effect on the behaviour of the stock market in Japan. The empirical study finds that the transition of ruling party effect is not a crucial variable to the Nikkei 225. The alienation felt by the Japanese about the political environment, resulting in a succession of prime ministers, does not influence the Nikkei 225 stock market behaviour. Therefore, former prime ministers who have resigned have become scapegoats for the poor performance of financial and economic policies.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840500427882
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 39 (2007)
    Issue (Month): 1 ()
    Pages: 79-85

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    Handle: RePEc:taf:applec:v:39:y:2007:i:1:p:79-85

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    1. Steven N. Kaplan, 1994. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S," NBER Working Papers 4065, National Bureau of Economic Research, Inc.
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    7. Riley, William B. & Luksetich, William A., 1980. "The Market Prefers Republicans: Myth or Reality," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(03), pages 541-560, September.
    8. Lausten, M., 1998. "CEO Turnover, Firm Performance and Corporate Governance," Papers 98-10, Aarhus School of Business - Department of Economics.
    9. Enrico C. Perotti & Pieter van Oijen, 1999. "Privatization, Political Risk and Stock Market Development in Emerging Economies," Tinbergen Institute Discussion Papers 99-033/2, Tinbergen Institute.
    10. Fotios Siokis & Panayotis Kapopoulos, 2003. "Electoral management, political risk and exchange rate dynamics: the Greek experience," Applied Financial Economics, Taylor & Francis Journals, vol. 13(4), pages 279-285.
    11. Frey, Bruno S & Schneider, Friedrich, 1978. "An Empirical Study of Politico-Economic Interaction in the United States," The Review of Economics and Statistics, MIT Press, vol. 60(2), pages 174-83, May.
    12. Pedro Santa-Clara & Rossen Valkanov, 2003. "The Presidential Puzzle: Political Cycles and the Stock Market," Journal of Finance, American Finance Association, vol. 58(5), pages 1841-1872, October.
    13. Germa Bel, 2002. "Privatization: public offerings and political objectives," Applied Economics, Taylor & Francis Journals, vol. 34(11), pages 1421-1432.
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