Geopolitical risks, uncertainty, and stock market performance

作     者：Maria-Eleni K.Agoraki Georgios P.Kouretas Nikiforos T.Laopodis 

作者机构：Department of Accounting and FinanceUniversity of the PeloponneseAntikalamosGreece Department of Business AdministrationAthens University of Economics and BusinessAthensGreece Alba Graduate Business School and Deree CollegeAmerican College of GreeceAthensGreece 

出 版 物：《Economic and Political Studies》 (经济与政治研究（英文版）)

年 卷 期：2022年第10卷第3期

页      面：253-265页

学科分类：030207[法学-国际关系] 03[法学] 0302[法学-政治学] 

主　　题：Stock returns geopolitical risks economic policy uncertainty financial crisis panel data 

摘      要：This paper analyses the impact of geopolitical risks and economic policy uncertainty on stock *** uses an unbalanced panel dataset of monthly observations for 22 countries for the period 1985–*** controls for a set of macroeconomic and market structure variables while also taking into consideration the poten-tial effects of the 2007–2009 financial *** paper shows that the impact of geopolitical risks is negative and statistically *** economic interpretation of our main results is that a one-unit standard deviation increase in geopolitical risks decreases stock returns by 10.53–42.14%of its sample *** comparison,this paper uses alternatively the global economic policy uncertainty index and the economic policy uncertainty country index,and also finds a statistically significant negative relationship although it is weaker in the latter case.