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Impact of Political Regime Shift on Stock Returns of Oligarch Firms

  • Zadorozhna Olha

    ()

  • Zaderey Natalia

    ()

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    We study the evolution of the stock prices of 17 politically connected firms around the time of the Orange revolution and two other crucial political events (2010 Presidential elections and the arrest of Yuliya Tymoshenko) in Ukraine. Using an event-study approach we find that political connections do matter in Ukraine. Companies that are strongly linked with the two major Ukrainian parties (Orange coalition and Party of Regions) are sensitive to shifts of the political regime.

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    Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 13/06e.

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    Date of creation: 05 Jul 2013
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    Handle: RePEc:eer:wpalle:13/06e
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    1. Massimo Guidolin & Eliana La Ferrara, 2005. "The economic effects of violent conflict: evidence from asset market reactions," Working Papers 2005-066, Federal Reserve Bank of St. Louis.
    2. Eitan Goldman & Jörg Rocholl & Jongil So, 2009. "Do Politically Connected Boards Affect Firm Value?," Review of Financial Studies, Society for Financial Studies, vol. 22(6), pages 2331-2360, June.
    3. Massimo Guidolin & Eliana La Ferrara, 2007. "Diamonds Are Forever, Wars Are Not: Is Conflict Bad for Private Firms?," American Economic Review, American Economic Association, vol. 97(5), pages 1978-1993, December.
    4. Goriaev, Alexei P. & Sonin, Konstantin, 2005. "Is Political Risk Company-Specific? The Market Side of the Yukos Affair," CEPR Discussion Papers 5076, C.E.P.R. Discussion Papers.
    5. Michael J. Cooper & Huseyin Gulen & Alexei V. Ovtchinnikov, 2010. "Corporate Political Contributions and Stock Returns," Journal of Finance, American Finance Association, vol. 65(2), pages 687-724, 04.
    6. Mara Faccio, 2006. "Politically Connected Firms," American Economic Review, American Economic Association, vol. 96(1), pages 369-386, March.
    7. Fan, Joseph P.H. & Wong, T.J. & Zhang, Tianyu, 2007. "Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms," Journal of Financial Economics, Elsevier, vol. 84(2), pages 330-357, May.
    8. Mara Faccio, 2010. "Differences between Politically Connected and Nonconnected Firms: A Cross-Country Analysis," Financial Management, Financial Management Association International, vol. 39(3), pages 905-928, 09.
    9. Raymond Fisman, 2001. "Estimating the Value of Political Connections," American Economic Review, American Economic Association, vol. 91(4), pages 1095-1102, September.
    10. Benjamin Maury & Eva Liljeblom, 2009. "Oligarchs, political regime changes, and firm valuation," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 17(3), pages 411-438, 07.
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