Financial Analyst Journal, Volume74, Issue4, 2018

公司政治策略与收益的可预测性

作者：Chansog (Francis) Kim (Stony Brook University College of Business),

Incheol Kim (University of Texas),

Christos Pantzalis (University of South Florida),

Jung Chul Park (University of South Florida)

摘要：本文对可观测的企业政治策略是否能够作为价值相关的政治信息从而流入股价的渠道和构成盈利收益可预测性策略的基础进行评估。我们发现政治关联公司的股票回报率高于其他非关联公司的股票回报率，这表明与新政策和其他政治发展相关的信息冲击最先在追求政治策略的公司的股票价格中表现明显，然后稍有延迟，在与之类似的非政治关联公司的股价中渐露端倪。

Corporate Political Strategies and Return Predictability

Chansog (Francis) Kim (Stony Brook University College of Business), Incheol Kim (University of Texas), Christos Pantzalis (University of South Florida), Jung Chul Park (University of South Florida)

ABSTRACT

We assess whether observable corporate political strategies can serve as channels of value-relevant political information flow into stock prices and form the basis for profitable return predictability strategies. We document that returns of politically connected firms’ stocks lead those of their non-connected peers, suggesting that information shocks associated with new policies and other political developments become evident first in the stock prices of firms that pursue political strategies and then, with delay, in those of similar, non-connected firms.

原文链接：

https://www.cfapubs.org/doi/abs/10.2469/faj.v74.n4.5

翻译：秦秀婷