金融學(xué)專業(yè)外文翻譯------股市嚴(yán)重性討論：股權(quán)市場(chǎng)現(xiàn)象_政府政策與金融全球化-文庫吧
2025-04-16 14:59 本頁面
【正文】 or. In short, it is clear that equities constitute an increasingly important capital market in the world economy. However, we currently know very little about how government policy choices and political institutions influence equity investors’ decisions. The few extant analyses of stock markets and politics tend to focus on one or two developed countries, or on sectoral variation within a particular market, rather than on the determinants of nationallevel market outes in a broader crosscountry context. For instance, David Leblang and Bumba Mukherjee consider the impact of government partisanship and elections on stock market outes in the United States and Great Britain. In a wider study, Fiona McGillivray (2020) considers the impact of partisan changes and electoral institutions on stockmarket outes in fourteen advanced democracies. Her analyses, however, focus largely on industrylevel variation, arguing that shifts in political constellations change investors’ expectations regarding which sectors will benefit from public policies. Indeed, McGillivray is interested less in equitymarket outes per se than in using such outes as a proxy measure of the expectations of economic actors regarding political decisions. Similarly, William Bernhard and David Leblang consider the impact of politics and political uncertainty on daily market behavior in several advanced democracies. Unlike most analyses, theirs considers outes in multiple asset markets, including currencies, equities, and government bonds. Bernhard and Leblang’s aim, however, is to explore the consequences of discrete political events—such as elections and cabi formations—on capital markets, rather than to assess the broader impact of public policy and institutions on capital market outes. This article seeks to round out the literature on financial globalizatio n by exploring the linkages between equitymarket outes and national government policies and institutions. Its contribution is both theoretical and empirical. Theoretically, we elaborate on the politics of equitymarket performance, focusing in particular on the effects of government policies and institutions on stockmarket valuations. We rely on the relatively developed literature on foreign direct investment and sovereign bond markets to underscore the distinctiveness of equitymarket reactions to government policies. Empirically, we conduct a novel evaluation of the correlates of totalmarket, pricetoearnings ratios (P ? E) for a sample of up to 37 developed and emerging market countries during the 1985–2020 period. Crosssectional and timeseries crosssectional (TSCS) analyses reveal that levels of democracy, market liquidity, shareholder rights, and
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