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.

摘要

本文使用事件研究方法研究了肯尼亚选举和与选举相关的事件对旅游、金融和媒体部门股票回报的影响。选定股票的每日价格来自汤普森路透 EIKON，并进行了参数和非参数测试。结果表明，冲突对旅游业的负面影响大于对金融和媒体部门的影响，而和平选举对旅游业的积极影响，对金融部门的影响较小。和平倡议对旅游业产生积极影响。因此，能够进行可信选举的强大而独立的 IEBC 至关重要。