The effects of election periods on stock exchange markets: Examples of America, Japan and European Union countries

Theses of the election period in order to determine its impact on securities exchanges are made. For this purpose, the election period 1, 7, 10, 30 and 360-day periods, before and after the selection was examined by comparison. In this context, 65 election periot from 14 countries were examined. In this study, descriptive statistical methods and four tests were performed to measure the level of significance. In the survey, the before of election index return (gain) compared to the past of election rates have been found to be higher. Other important finding from this study, this relationship isn't phenomena, it is generally case. Keywords: Behavioral Finance, Anomaly, Stock Exchanges, Election Periods, Total Risk