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Essays in Political Economy and Finance.

Villegas Bauer, German Bruno.

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Essays in Political Economy and Finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Political Economy and Finance./
作者:	Villegas Bauer, German Bruno.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
面頁冊數:	154 p.
附註:	Source: Dissertations Abstracts International, Volume: 83-01, Section: A.
Contained By:	Dissertations Abstracts International83-01A.
標題:	Political science. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28321748
ISBN:	9798516958267

Essays in Political Economy and Finance.
Villegas Bauer, German Bruno.

Essays in Political Economy and Finance. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 154 p.

Source: Dissertations Abstracts International, Volume: 83-01, Section: A.

Thesis (Ph.D.)--The University of Chicago, 2021.

This item must not be sold to any third party vendors.

Social sciences deal with the understanding of the institutions and the functioning of human societies, with the goal of improving the wellbeing of populations. Electoral systems and financial markets are among such institutions. The importance of electoral systems can be grasped by noting that they influence which political party wins an election. In many situations the political parties running for an election have dramatically different points of view about which public policies should be implemented, meaning very different possible paths for a society. Financial markets are key to the economic stability of a country and for the efficient allocation of resources across their different possible uses. If they malfunction, they can cause economic chaos, as was witnessed during the 2007-2008 financial crisis. I contribute to the understanding of these institutions.In chapter two I analyze the change from a paper to an electronic electoral system. The paper system made it costly for voters to split the ticket. People strategically voted large parties for governor so as not to waste the vote, and since the high cost discouraged splitting the ticket, casted straight-ticket ballots and therefore small parties were negatively affected even in multiple-seat races where they could win one of the seats. The new system reduced the cost of splitting the ticket, leading to an increase in split-ticket voting, in the vote shares of small parties in multiple-seat races and in political competition. The change in the system benefitted left-leaning parties. The reason is that the new system eliminated the chance of getting the vote nullified, combined with the fact that the poorer the voter the more likely he was to get his vote nullified under the paper system, and the more likely he was to vote left-leaning parties.In chapter three I investigate how flows of funds affect bond prices. To identify causality, I analyze a change in the methodology that JPMorgan uses to compute the bond weights on its CEMBI indices. It caused mutual funds benchmarked against the indices to adjust their portfolio weights, generating exogenous flows of funds. Results are consistent with flows of funds influencing bond prices, and suggest spillovers within countries from bonds included in the indices to bonds not included in them. Mutual funds track more closely the country weights of the indices rather than the specific bond weights, which could be causing the spillovers.In chapter four I analyze the subjective information contained in financial documents. I compute their sentiment and investigate its correlation with equity returns after controlling for objective numerical data. The sentiment of a newly released document is positively correlated with equity returns of the next few days, which is in line with subjective information being processed by investors. It is also correlated with past equity returns. Result are in line with the sentiment loops described by Shiller (2017): The good performance of the stock market increases the sentiment of financial agents, who invest more and disperse their sentiment to other investors, further increasing the performance of the stock market.

ISBN: 9798516958267Subjects--Topical Terms:

528916
Political science.
Subjects--Index Terms:

Elections

Essays in Political Economy and Finance.
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300 $a 154 p.
500 $a Source: Dissertations Abstracts International, Volume: 83-01, Section: A.
500 $a Advisor: Robinson, James.
502 $a Thesis (Ph.D.)--The University of Chicago, 2021.
506 $a This item must not be sold to any third party vendors.
520 $a Social sciences deal with the understanding of the institutions and the functioning of human societies, with the goal of improving the wellbeing of populations. Electoral systems and financial markets are among such institutions. The importance of electoral systems can be grasped by noting that they influence which political party wins an election. In many situations the political parties running for an election have dramatically different points of view about which public policies should be implemented, meaning very different possible paths for a society. Financial markets are key to the economic stability of a country and for the efficient allocation of resources across their different possible uses. If they malfunction, they can cause economic chaos, as was witnessed during the 2007-2008 financial crisis. I contribute to the understanding of these institutions.In chapter two I analyze the change from a paper to an electronic electoral system. The paper system made it costly for voters to split the ticket. People strategically voted large parties for governor so as not to waste the vote, and since the high cost discouraged splitting the ticket, casted straight-ticket ballots and therefore small parties were negatively affected even in multiple-seat races where they could win one of the seats. The new system reduced the cost of splitting the ticket, leading to an increase in split-ticket voting, in the vote shares of small parties in multiple-seat races and in political competition. The change in the system benefitted left-leaning parties. The reason is that the new system eliminated the chance of getting the vote nullified, combined with the fact that the poorer the voter the more likely he was to get his vote nullified under the paper system, and the more likely he was to vote left-leaning parties.In chapter three I investigate how flows of funds affect bond prices. To identify causality, I analyze a change in the methodology that JPMorgan uses to compute the bond weights on its CEMBI indices. It caused mutual funds benchmarked against the indices to adjust their portfolio weights, generating exogenous flows of funds. Results are consistent with flows of funds influencing bond prices, and suggest spillovers within countries from bonds included in the indices to bonds not included in them. Mutual funds track more closely the country weights of the indices rather than the specific bond weights, which could be causing the spillovers.In chapter four I analyze the subjective information contained in financial documents. I compute their sentiment and investigate its correlation with equity returns after controlling for objective numerical data. The sentiment of a newly released document is positively correlated with equity returns of the next few days, which is in line with subjective information being processed by investors. It is also correlated with past equity returns. Result are in line with the sentiment loops described by Shiller (2017): The good performance of the stock market increases the sentiment of financial agents, who invest more and disperse their sentiment to other investors, further increasing the performance of the stock market.
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650 4 $a Finance. $3 542899
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650 4 $a Competition. $3 537031
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653 $a Financial indices
653 $a Political economy
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