US presidential elections and implied volatility: The role of political uncertainty

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The interactive relationship between the US economic policy uncertainty and BRIC stock markets (2016, background): “Given that investors make and review their predictions about future macroeconomic policies, times of high volatility in the US stock market correspond to the times of high probability of electing the potential winner (see, Goodell and Vähämaa, 2013).”
The Price of Political Uncertainty: Theory and Evidence from the Option Market (2014, background): “Goodell and Vahamaa (2013) find that the implied volatility of the S&P 500 index is related to the probability of success of the eventual winner of U.S. presidential elections.”
Aggregate and Idiosyncratic Political Risk: Measurement and Effects (2016, unknown): “This literature has highlighted that uncertainty associated with election outcomes is reflected in asset prices (Li and Born (2006); Pantzalis et al. (2000); Boutchkova et al. (2012); Gemmill (1992); Goodell and Vähämaa (2013); Snowberg et al. (2007)).”