Suchergebnisse

The media and election campaign managers conduct several polls in the days leading up to the presidential elections. These preelection polls have a different predictive capacity, despite the fact that under a Big Data approach, sources that indicate voting intention can be found. In this article, we propose a free method to anticipate the winner of the presidential election based on this approach. To demonstrate the predictive capacity of this method, we conducted the study for two countries: the United States of America and Canada. To this end, we analysed which candidate had the most Google searches in the months leading up to the polling day. In this article, we have taken into account the past four elections in the United States and the past five in Canada, since Google first published its search statistics in 2004. The results show that this method has predicted the real winner in all the elections held since 2004 and highlights that it is necessary to monitor the next elections for the presidency of the United States in November 2020 and to have more accurate information on the future results.

Purpose
This paper aims to evaluate the influence of economic policy uncertainty (EPU) on the momentum effect, analysing its influence depending on the economic cycle and in different quantiles.


Design/methodology/approach
To determine the influence of EPU in the momentum effect taking into account the economic cycle and the level of the quantile, linear regression and quantile regression have been applied for the period from 2 January 1985 to 30 April 2019 for the US stock market.


Findings
It is shown that an increased feeling of insecurity associated with EPU reduces the momentum effect, especially in times of recession. Distinguishing by quantiles, an asymmetry in the impact of EPU in the momentum effect is discovered, finding that EPU reduces (increases) the profits of momentum strategies in the lowest (highest) quantiles. In the highest quantiles, an investor can obtain higher extraordinary returns with this strategy. For example, in the highest quantile, a one-point increase in the EPU levels would have increased the daily profitability by 12.7 basis points. These findings have important implications for investors and policymakers.


Originality/value
To the best of the authors' knowledge, this is the first paper that evaluates the influence of EPU on the momentum effect by conducting an analysis based on the economic cycle and different quantiles, demonstrating how these factors are relevant in the influence of this uncertainty in the momentum anomaly.

Desde la instauración de los primeros ayuntamientos democráticos en 1979, se han celebrado diez elecciones municipales en España. En los escasos estudios dedicados a ellas, el voto ha sido habitualmente explicado recurriendo a variables de ámbito nacional según el conocido modelo de las elecciones de segundo orden. En este trabajo examinaremos la validez de estos patrones de comportamiento cuando introducimos también factores explicativos de carácter local. Para comprobarlo, hemos estimado distintos modelos multinivel utilizando una ambiciosa base de datos que contiene variables individuales y contextuales para una muestra representativa de municipios españoles entre 1991 y 2011. Los resultados son sumamente interesantes: factores individuales como la ideología de los votantes e indicadores contextuales como la tasa de desempleo a nivel municipal inciden de manera significativa en la probabilidad de votar al partido del alcalde. ; Since the establishment of the first democratic local councils in 1979, ten municipal elections have taken place in Spain. In the few studies devoted to them, voting has habitually been explained by using national variables and following the wellknown model of second-order elections. In this paper we examine the validity of these conclusions by also considering local factors. We have estimated several hierarchical models using an ambitious datasetwhich includes both individual and contextual variables for a representative sample of Spanish municipalities between 1991 and 2011. Our empirical results are particularly interesting, with individual factors such as voters' ideology and contextual indicators such as the unemployment rate at the municipal level having a significant impact on the probability of voting for the incumbent mayor's party.