商品詳細

Capitol Gains offers a rigorous, data-driven examination of how political institutions, incentives, and credibility shape financial markets. Moving beyond anecdote and partisan narrative, the book develops a systematic framework for understanding how political authority is translated into market signals that affect asset prices, volatility, risk premia, and capital allocation.Drawing on nearly a century of US data, the authors show that markets do not price politics in simplistic partisan terms. Instead, they respond to governance quality, institutional balance, enforcement credibility, and the structure of political incentives. From presidential mandates and time in office to congressional composition, legislative behavior, and enforcement integrity, the book demonstrates how political institutions function as information systems that markets continuously interpret and price.Organized into three coherent parts, the book first establishes the foundations of political finance, defining key transmission channels. It then examines how political institutions (presidency and Congress alike) generate systematic patterns in stock market behavior through timing, structure, and composition. The final section turns to incentives and credibility, analyzing congressional trading behavior, enforcement elasticity, and the economic value of institutional trust.