• Working Paper  Open Access

      A Political Capital Asset Pricing Model 

      Pagliardi, Giovanni; Poncet, Patrice; Zenios, Stavros A. (The Wharton Financial Institutions Center. The Wharton School, University of Pennsylvania, PA, 2019-03)
      We construct a bivariate factor of political stability and economic policy confidence, and show that it commands a significant premium of up to 15% per annum, in the global, developed, and emerging markets, robust to ICAPM, ...
    • Working Paper  Open Access

      Politics, policy, and international stock peturns 

      Gala, Vito; Pagliardi, Giovanni; Zenios, Stavros A. (2018-08)
      Politics and policy are distinct, though interrelated, factors affecting the economy. Using novel measures of political stability and confidence in economic policy we document predictable variation in stock market returns ...