William Bernhard - Böcker

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 any significant electoral and institutional constraints. Bernhard and Sulkin have developed a systematic approach for looking at legislative style through a variety of criteria, including the number of the bills passed, number of speeches given, amount of money raised, and the percentage of time a legislator voted in line with his or her party. Applying this to ten congresses, representing twenty years of congressional data, from 1989 to 2009, they reveal that legislators' activity falls within five predictable styles.These styles remain relatively consistent throughout legislators' time in office, though a legislator's style can change as career goals evolve, as well as with changes to individual or larger political interests, as in redistricting or a majority shift. Offering insight into a number of enduring questions in legislative politics, Legislative Style is a rich and nuanced account of legislators' activity on Capitol Hill.

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 update their political beliefs, market actors reallocate their portfolios, and overall market behavior changes. To measure political information, Professors Bernhard and Leblang employ sophisticated models of the political process. They draw on a variety of models of market behavior, including the efficient markets hypothesis, capital asset pricing model, and arbitrage pricing theory, to trace the impact of political events on currency, stock, and bond markets. The analysis will appeal to academics, graduate students, and advanced undergraduates across political science, economics, and finance.