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Interest Group Activity and Long-Run Stock Market Performance

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Author Info
Bonnie Wilson () (Department of Economics, Saint Louis University)
Dennis Coates () (Department of Economics, University of Maryland Baltimore County)

Additional information is available for the following registered author(s):

Abstract

This paper provides evidence that interest group activity is negatively related to aggregate stock market performance. In particular, the ¯ndings imply that a one percent increase in the number of interest groups in a country is associated with a reduction in average annual stock market returns of roughly 2-5%, and a reduction in the volatility of annual stock returns of roughly 6-14%. In addition, the ¯ndings indicate that many of the same fundamentals that drive economic growth also explain stock market performance.

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File URL: http://jcsb.slu.edu/repec/slu/wilsonbe0702.pdf
File Format:
File Function: First version, April 2007.
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Publisher Info
Paper provided by Department of Economics, John Cook School of Business, Saint Louis University in its series Working Papers with number 2007-02.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length: 34 pages
Date of creation: Apr 2007
Date of revision:
Publication status: Forthcoming in Public Choice.
Handle: RePEc:slu:wpaper:2007-02

Contact details of provider:
Postal: Cook Hall / Davis-Shaughnessy Hall, 3674 Lindell Avenue, St. Louis, MO 63108
Phone: 314 977-3848
Fax: 314 977-1478
Web page: http://business.slu.edu/depts/Economics/index.html
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For technical questions regarding this item, or to correct its listing, contact: (Bonnie E. Wilson).

Related research
Keywords: special interest groups institutional sclerosis stock returns volatility

Other versions of this item:

Find related papers by JEL classification:
D7 - Microeconomics - - Analysis of Collective Decision-Making
G1 - Financial Economics - - General Financial Markets
G2 - Financial Economics - - Financial Institutions and Services
L5 - Industrial Organization - - Regulation and Industrial Policy
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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This page was last updated on 2008-8-31.

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