Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/76099
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dc.contributorSchool of Accounting and Financeen_US
dc.creatorLiu, LXLen_US
dc.creatorShu, HBen_US
dc.creatorWei, KCJen_US
dc.date.accessioned2018-05-10T02:55:21Z-
dc.date.available2018-05-10T02:55:21Z-
dc.identifier.issn0304-405Xen_US
dc.identifier.urihttp://hdl.handle.net/10397/76099-
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.rights© 2017 Elsevier B.V. All rights reserved.en_US
dc.rights© 2017. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/en_US
dc.subjectPolitical uncertaintyen_US
dc.subjectPolitically sensitive firmsen_US
dc.subjectStock returnsen_US
dc.subjectDiscount rate newsen_US
dc.subjectCash flow newsen_US
dc.titleThe impacts of political uncertainty on asset prices : evidence from the Bo scandal in Chinaen_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage286en_US
dc.identifier.epage310en_US
dc.identifier.volume125en_US
dc.identifier.issue2en_US
dc.identifier.doi10.1016/j.jfineco.2017.05.011en_US
dcterms.abstractModels of political risk predict that increases in political uncertainty cause stock prices to fall, especially for politically sensitive firms. We use the event of the Bo Xilai political scandal in 2012 in China as an exogenous shock to identify the impact of political uncertainty on asset prices. We document that the Bo scandal caused a significant drop in stock prices, especially for firms that are more politically sensitive. Further analysis shows that the stock price drop is mainly driven by a change in discount rate, providing strong support for the existence of priced political risk.en_US
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationJournal of financial economics, Aug. 2017, v. 125, no. 2, p. 286-310en_US
dcterms.isPartOfJournal of financial economicsen_US
dcterms.issued2017-08-
dc.identifier.isiWOS:000406172000004-
dc.identifier.scopus2-s2.0-85019712762-
dc.source.typeip-
dc.identifier.rosgroupid2017006860-
dc.description.ros2017-2018 > Academic research: refereed > Publication in refereed journalen_US
dc.description.validate201805 bcrcen_US
dc.description.oaAccepted Manuscripten_US
dc.identifier.FolderNumbera0801-n17-
dc.description.fundingSourceRGCen_US
dc.description.fundingTextRGC: 694413en_US
dc.description.pubStatusPublisheden_US
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