Allegedly, stocks which are highly exposed to government spending outperform their low-gov-spending peers under a Dem presidency, and underperform during a GOP

Allegedly, stocks which are highly exposed to government spending outperform their low-gov-spending peers under a Dem presidency, and underperform during a GOP one: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1572801 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1572801