In recent weeks, research analysts at the major brokerage houses have been churning out reports identifying what a Bush or Kerry administration would mean for investment strategies - and which sectors of the economy would undergo the biggest changes if there were a change in leadership. A recent report by equity analysts at Credit Suisse First Boston, for example, notes "we thought this was a good time to revisit the candidates' health-care platforms and their significance for managed-care stocks."

Lehman Brothers and investment-strategy firm ISI Group have created "presidential indexes." The idea is to track the performance of stocks that are likely to be most affected under each administration. ISI's "Bush Index" holds pharmaceuticals and energy stocks, among others, reflecting the belief those sectors would fare well under a second term for the president. ISI's "Kerry Index" has short positions in health maintenance organizations and utilities. The indexes act as a proxy for what Wall Street is thinking will happen Nov. 2.

While the implication of many of the reports is that a Kerry win would be reason to revisit one's investment strategy, not everyone thinks a change in presidential leadership would matter much to stock prices. For one thing, Congress is likely to remain under Republican control.

Here's how the elections could affect local companies - public and private - and your portfolio.

Defense: Although both candidates are likely to maintain spending levels, a Bush victory is perceived as more positive for the sector.

AIRLINES: A Bush administration Justice Department might look more favorably at mergers than a Kerry administration, which has union support. Company with local operations that could be affected: Delta Air Lines

EDUCATION: A Kerry administration could boost spending, which would help publishers of textbooks and other education materials. Local company that could be affected: Thomson South-Western

Oil/coal: Exploration and drilling projects could be more easily approved. Companies also may benefit from less environmental regulation. Local companies that could be affected: NS Group, Cinergy

Alternative energy: Kerry is likely to support alternative-energy sources, which could boost investment in fuel cells and wind energy. Local company that could be affected: Global Energy

HMOs/drug makers/pharmacy benefit managers: Bush's Medicare plan favors more private-sector health-care delivery, which would give companies added pricing power. Bush's plans to expand health savings accounts also would benefit insurers. Companies with local operations that could be affected: Omnicare, Humana, Anthem

Hospitals/medical devices: Kerry's plan to increase the number of insured would reduce hospitals' debt problems. That in turn could mean more spending on medical devices. Local companies that could be affected: Hillenbrand Industries and Johnson & Johnson's Ethicon Endo-Surgery division

Home builders: Democrats have traditionally been more friendly to this group, given their push to increase the supply of affordable owner-occupied housing.

Life insurers: Unlike Bush, Kerry has no plans to expand tax-advantaged savings accounts. That would help insurers' annuities business. Local companies that could be affected: Western & Southern Financial Group, Ohio National Financial Services

RESTAURANTS: Bush has no plan to raise the minimum wage. Kerry is a supporter of a higher minimum wage. Local companies that could be affected: Frisch's, Skyline, Gold Star

RETAILERS: Mass-marketers would benefit as Kerry pushes for tax relief for those earning less than $200,000. That could boost companies like bigg's. But stores such as Federated Department Stores' Bloomingdale's, could suffer.

Bonds/municipal bonds: A Kerry repeal of tax breaks on dividends and capital gains for high-income families would make tax-advantaged municipal bonds more attractive.

Dividend-paying stocks: Continuation of lower tax rates on dividends would boost stocks in sectors such as utilities.