The Impact of General Elections on Kenya’s Tourism, Financial and Media Sector Stock Returns: An Event Study Approach

Date
2022
Authors
Buigut, Steven
Masinde, Brain
Journal Title
Journal ISSN
Volume Title
Publisher
Routledge
Abstract
This paper examines the impact of Kenyan elections and election-related events on tourism, financial and media sector stock returns using an event study approach. Daily prices of selected equities are obtained from the Thompson Reuters EIKON and parametric and non-parametric tests carried out. The results indicate that conflict negatively affects tourism sector more than the financial and media sectors, while peaceful elections have a positive effect on tourism and to a smaller extend, the financial sector. Peace initiatives induce a positive effect on tourism. A robust and independent IEBC capable of delivering a credible election is therefore crucial. © 2021 Informa UK Limited, trading as Taylor & Francis Group.
Description
This article is not available at CUD collection. The version of scholarly record of this article is published in Journal of African Business (2022), available online at: https://doi.org/10.1080/15228916.2021.1874793
Keywords
event study, Kenyan elections, nonparametric tests, tourism
Citation
Buigut, S., & Masinde, B. (2022). The Impact of General Elections on Kenya’s Tourism, Financial and Media Sector Stock Returns: An Event Study Approach. Journal of African Business, 23(2), 497-515. https://doi.org/10.1080/15228916.2021.1874793