Accepted Manuscript

Is all politics local? Regional political risk in Russia and the panel of stock
returns

Savva Shanaev, Binam Ghimire

PII: S2214-6350(18)30149-7
DOI: https://doi.org/10.1016/j.jbef.2018.11.002
Reference: JBEF 174

To appear in: Journal of Behavioral and Experimental Finance

Received date : 29 October 2017

Revised date : 12 October 2018
Accepted date : 1 November 2018

Please cite this article as: Shanaev S. and Ghimire B., Is all politics local? Regional political risk in
Russia and the panel of stock returns. Journal of Behavioral and Experimental Finance (2018),
https://doi.org/10.1016/j.jbef.2018.11.002

This is a PDF file of an unedited manuscript that has been accepted for publication. As a service to
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Please note that during the production process errors may be discovered which could affect the
content, and all legal disclaimers that apply to the journal pertain.
 

 
 


 








 


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Highlights

Returns of Russian stocks are inversely related to regional political stability

Political risk premium is substantially high and varies across Russian regions

Political factor is impactful both as long-term risk premia and short-term shocks

Political processes crucially contribute to the synchronisation of stock returns