Abstract

This research used event study methodology to evaluate stock market return performance of three multinational companies using three historical events. The sample of the study consisted of daily historical stock data of the three multinational companies from Yahoo Finance, a month before and a month after the announcement of the November 7, 2000, November 4, 2008, and November 8, 2016 elections. The multinational companies in this study were Exxon Mobil, Toyota Motors, and Gazprom. A t-test was used to examine the significance of the means and stock returns of the three companies and the market index (S