“…But most recently, Hudson, Keasey and Dempsey (1998) found that, while short‐term price movements reacted to opinion polls in the run‐up to and including elections, there was no statistically significant evidence of a difference in nominal or real returns between Tory and Labour governments. In general, most recent research in the United States, including Bohl, Dopke and Pierdzioch (2008) and Ferri (2008), and elsewhere, such as Beaulieu, Cosset and Essaddam (2005, 2006), Li and Born (2006) and Lim, Brooks and Hinich (2008), confirm that elections and other political events have short‐term impacts on markets.…”