@article {Sturm55, author = {Ray R. Sturm}, title = {Does the Market{\textquoteright}s Vote Count? The Informational Content of Post-Presidential Election Returns }, volume = {16}, number = {4}, pages = {55--64}, year = {2014}, doi = {10.3905/jwm.2014.16.4.055}, publisher = {Institutional Investor Journals Umbrella}, abstract = {One of the most important news events for the U.S. stock markets is certainly the election of the President. This study seeks to determine whether market reactions to elections are a valuable source of information for investors. Using data for the years 1896{\textendash}2001, a momentum effect appears during the remainder of the election year, a slight reversal effect appears across the president{\textquoteright}s term, and a strong reversal effect appears during the President{\textquoteright}s second year in office. The difference in campaign information during the election and actual subsequent economic policy implementations may explain why the market{\textquoteright}s vote does count.TOPICS: Security analysis and valuation, analysis of individual factors/risk premia, performance measurement}, issn = {1534-7524}, URL = {https://jwm.pm-research.com/content/16/4/55}, eprint = {https://jwm.pm-research.com/content/16/4/55.full.pdf}, journal = {The Journal of Wealth Management} }