Regierung, Rendite, Risiko. Die politische Ökonomie des Aktienmarktes in Deutschland

Abstract

This study is the first to examine the influence of government partisanship and elections on the development of the stock market in Germany. It investigates the expected redistributive effects of party politics across various industrial sectors, as well as the political and institutional determinants of systematic investment risk in the German capital market. The findings demonstrate that the stock market anticipates the redistributive effects of governments with differing party affiliations, and that these redistributive effects can be contradictory for different sectors. The study also reveals that party politics and institutional constellations, such as asymmetric majorities in the German parliament (Bundestag) and the Upper House (Bundesrat), play a role in stock market performance.

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