The Influence of General Strikes against Government on Stock Market Behavior

Tomasz Piotr Wisniewski, Brendan John Lambe, Alexandra Dias

Research output: Contribution to journalArticlepeer-review


Using a sample of 76 countries, this paper examines the impact of major strikes against government and its policies on stock market behavior. An occurrence of a general strike is detrimental to the value of equities, as documented by the ceteris paribus 6.11% fall in dollar-denominated stock market indices of the affected countries. This event is also accompanied by a statistically significant increase in risk, as measured by the standard deviation of returns and Value-at-Risk metrics. Taken together, these results imply that general strikes have serious ramifications for stock market investors.
Original languageEnglish
Pages (from-to)72-99
Number of pages28
JournalScottish Journal of Political Economy
Issue number1
Early online date4 Jun 2019
Publication statusPublished - Feb 2020

Bibliographical note

© 2019 Scottish Economic Society. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details.


  • General strikes
  • stock prices
  • political effects

Cite this