The authors examine the conditions under which democratic events, including elections, cabinet formations, and government dissolutions, affect asset markets. Where these events have less predictable outcomes, market returns are depressed and volatility increases. In contrast, where market actors can forecast the result, returns do not exhibit any unusual behavior. Further, political expectations condition how markets respond to the political process. When news causes market actors to updat...

Once elected, members of Congress face difficult decisions about how to allocate their time and effort. On which issues should they focus? What is the right balance between working in one’s district and on Capitol Hill? How much should they engage with the media to cultivate a national reputation? William Bernhard and Tracy Sulkin argue that these decisions and others define a “legislative style” that aligns with a legislator’s ambitions, experiences, and personal inclinations, as well as ...