Re-examining the evidence on the electoral impact of terrorist attacks: The Spanish election of 2004

This paper re-examines the electoral effect of the 11-M terrorist attacks in Madrid. Previous research has focused on post-electoral surveys to construct counterfactuals for the evaluation of the electoral impact of the attack. Bali (Electoral Studies, 2007) claims that the terrorists attacks had an important electoral impact while Lago and Montero (2005) claim the opposite. In this paper I propose to re-examine the evidence using a methodological approach based on actual votes instead of opinions revealed by surveys, and the difference-in-differences estimator. The calculations under the counterfactual of “no terrorist attack” support the forecasts of the polls taken prior to the terrorist attack and the results of Bali (2007). The incumbent (conservative) party would have won the election with between 42% and the 45% of the votes, while the socialist party would have obtained 37% of the votes.