Firm size and the political cycle premium

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dc.citation.issue10
dc.citation.volume41
dc.contributor.authorMalone CB
dc.contributor.authorAnderson H
dc.contributor.authorChen P
dc.date.available2015
dc.date.issued2015
dc.description.abstractWe investigate the role of firm size in generating political cycle outcomes. Like in the U.S., New Zealand’s political cycle premium is driven by small firms; however, the results are opposite. In New Zealand, periods governed by the right of the political spectrum produce significantly higher stock returns than those from the left and this finding is primarily driven by small firms who perform particularly poorly under left-of-centre governments. We identify several explanations for the poor performance in small firms. These firms were relatively heavily affected by the move to an open, deregulated economy; they were also less able to cope with tight monetary conditions, and periods of sharply falling inflation.
dc.description.confidentialfalse
dc.format.extent1077 - 1095 (23)
dc.identifier.citationManagerial Finance, 2015, 41 (10), pp. 1077 - 1095 (23)
dc.identifier.doi10.1108/MF-03-2014-0083
dc.identifier.elements-id260685
dc.identifier.harvestedMassey_Dark
dc.identifier.issn0307-4358
dc.publisherEmeraldInsight
dc.relation.isPartOfManagerial Finance
dc.subjectpolitical cycle, stock market, small firms, large firms
dc.subject.anzsrc1502 Banking, Finance and Investment
dc.titleFirm size and the political cycle premium
dc.typeother
pubs.notesNot known
pubs.organisational-group/Massey University
pubs.organisational-group/Massey University/Massey Business School
pubs.organisational-group/Massey University/Massey Business School/School of Economics and Finance
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