The effect of government budget on Portuguese stock market

Detalhes bibliográficos
Autor(a) principal: Oliveira, Ana Sofia de
Data de Publicação: 2014
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/14787
Resumo: Government budget reflects a prevision of future expenses and revenues which will predict the economic and financial situation of the country. This paper studies the effect of the publication, approval and actions inside the Portuguese government budget on the stock market performance of Portuguese companies. Additionally, the effects of presidential and legislative elections are also tested in the stock prices. The 46 companies represented in this study are listed on the Portuguese Stock Index between 1998 and 2013. I realize that a publication of government budget to the Parliament leads to a positive and significant return on the full sample results, basic materials and consumer services sector. The same sectors react in a positive way to periods of presidential elections. This study also provides a comparison between sectors. The consumer services sector reveals to be the more volatile sector before changes in the resources invested in each ministry. The consumer services sector is predominantly affected, in a negative way, by not rational expenses in the Ministry of Health. The financial sector has negative reactions on stock returns when the investment in the Ministry of Finance is reduced by the State.
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spelling The effect of government budget on Portuguese stock marketDomínio/Área Científica::Ciências Sociais::Economia e GestãoGovernment budget reflects a prevision of future expenses and revenues which will predict the economic and financial situation of the country. This paper studies the effect of the publication, approval and actions inside the Portuguese government budget on the stock market performance of Portuguese companies. Additionally, the effects of presidential and legislative elections are also tested in the stock prices. The 46 companies represented in this study are listed on the Portuguese Stock Index between 1998 and 2013. I realize that a publication of government budget to the Parliament leads to a positive and significant return on the full sample results, basic materials and consumer services sector. The same sectors react in a positive way to periods of presidential elections. This study also provides a comparison between sectors. The consumer services sector reveals to be the more volatile sector before changes in the resources invested in each ministry. The consumer services sector is predominantly affected, in a negative way, by not rational expenses in the Ministry of Health. The financial sector has negative reactions on stock returns when the investment in the Ministry of Finance is reduced by the State.Kokkonen, JoniVeritati - Repositório Institucional da Universidade Católica PortuguesaOliveira, Ana Sofia de2014-07-10T11:15:12Z2014-04-0920142014-04-09T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/14787TID:201113988enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-12-05T01:35:58Zoai:repositorio.ucp.pt:10400.14/14787Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:12:01.100640Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The effect of government budget on Portuguese stock market
title The effect of government budget on Portuguese stock market
spellingShingle The effect of government budget on Portuguese stock market
Oliveira, Ana Sofia de
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short The effect of government budget on Portuguese stock market
title_full The effect of government budget on Portuguese stock market
title_fullStr The effect of government budget on Portuguese stock market
title_full_unstemmed The effect of government budget on Portuguese stock market
title_sort The effect of government budget on Portuguese stock market
author Oliveira, Ana Sofia de
author_facet Oliveira, Ana Sofia de
author_role author
dc.contributor.none.fl_str_mv Kokkonen, Joni
Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Oliveira, Ana Sofia de
dc.subject.por.fl_str_mv Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description Government budget reflects a prevision of future expenses and revenues which will predict the economic and financial situation of the country. This paper studies the effect of the publication, approval and actions inside the Portuguese government budget on the stock market performance of Portuguese companies. Additionally, the effects of presidential and legislative elections are also tested in the stock prices. The 46 companies represented in this study are listed on the Portuguese Stock Index between 1998 and 2013. I realize that a publication of government budget to the Parliament leads to a positive and significant return on the full sample results, basic materials and consumer services sector. The same sectors react in a positive way to periods of presidential elections. This study also provides a comparison between sectors. The consumer services sector reveals to be the more volatile sector before changes in the resources invested in each ministry. The consumer services sector is predominantly affected, in a negative way, by not rational expenses in the Ministry of Health. The financial sector has negative reactions on stock returns when the investment in the Ministry of Finance is reduced by the State.
publishDate 2014
dc.date.none.fl_str_mv 2014-07-10T11:15:12Z
2014-04-09
2014
2014-04-09T00:00:00Z
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