Corporate finance | PolEconFin

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Corporate finance | Empirics | Political institutions

Corporate Cash under Populist Leadership: A Tale of Two Variants

Paper

Posted on 12 February 2025

By Wei-Fong Pan

How do firms manage liquidity in populist-led countries? Using close elections involving populists, we test two hypotheses: populism prompts firms to either (i) increase cash holdings due to political risk...

Corporate finance | Special interest politics

Corporate Lobbying and Returns to Non-Lobbying Industry Competitors

Paper

Posted on 20 December 2024

By Ekaterina Neretina

This paper shows that corporate lobbying generates within-industry effects. Firms that do not lobby experience negative stock returns around the passage of new federal bills and resolutions that attract more...

Corporate finance

Consuming Values

Paper

Posted on 9 December 2024

By Jacob Conway

We study the extent to which individuals' consumption decisions are influenced by firms' stances on controversial social issues and the implied incentives for firms to take such stances. We use...

Political Polarization and Finance

Paper

Posted on 5 August 2024

By Elisabeth Kempf

We review an empirical literature that studies how political polarization affects financial decisions. We first discuss the degree of partisan segregation in finance and corporate America, the mechanisms through which...

Corporate finance | Theory

Voting on Public Goods: Citizens vs Shareholders

Paper

Posted on 10 July 2024

By Magdalena Rola-Janicka

We study the interplay between a "one person-one vote" political system and "one share-one vote" corporate governance regime. The political system sets Pigouvian subsidies, while corporate governance determines firm-specific public...

Corporate finance | Electoral politics | Empirics

Safeguarding Against Populist Expropriation Risk

Paper

Posted on 22 December 2023

By Wei-Fong Pan

This study explores whether firms adjust their liquidity in response to heightened uncertainty and expropriation risk associated with populism. Using an event study approach, we consistently find that firms reduce...

Corporate finance | Political institutions | Special interest politics

3rd Edition of our Conference! An Overview of the Day

Opinion

Posted on 6 November 2023

By Magdalena Rola-Janicka

This year’s edition of the CEPR Conference Series on the Political Economy of Finance took place in the beautiful Wereldmuseum in Rotterdam. This edition gathered a great lineup of scholars...

Corporate finance | Electoral politics | Theory

Corporate Political Interests in Absentia

Paper

Posted on 5 October 2023

By Stylianos Papageorgiou

We formalize Zingales' (2017) argument about the link between corporate economic characteristics and political influence in a setup that exhibits an inverse relationship between citizens' participation in production and the...

Corporate finance | Empirics | Political institutions

Going Extreme: The Impact of Political Polarization on Corporate Investment

Paper

Posted on 11 May 2023

By Tiecheng Leng

Using data on roll-call voting patterns of U.S. state legislators from 1993 to 2016, we find a negative relationship between firm investment and state legislative polarization, measured as the ideological...

Corporate finance | Empirics | Political institutions

Ruling with Ideology: Politicians’ Beliefs and Privatization

Paper

Posted on 3 October 2022

By Linxiang Ma

Ideology, the belief system about "how the society should be governed" that some group of people collectively sustains, is a critical factor that motivates economic decisions in democratic countries. However,...

Corporate finance | Empirics | Political institutions

Democracy as a Fundamental Determinant of Cross-Border Merger Activity

Paper

Posted on 5 September 2022

By Thomas Lambert

Does democracy shape international merger activity? If so, how? The short answer is yes because democratic institutions are conducive to higher-quality corporate governance. In a new paper, we examine 104,425...

Corporate finance | Electoral politics | Empirics

Smokestacks and the Swamp

Paper

Posted on 25 August 2022

By Stefan Lewellen

We examine the causal effect of politicians' partisan ideologies on firms' industrial pollution decisions. Using a regression discontinuity design involving close U.S. congressional elections, we show that plants increase pollution...

Corporate finance | Theory

Group-Managed Real Options

Paper

Posted on 14 June 2022

By ALI LAZRAK

We study a standard real-option problem in which sequential decisions are made through voting by a group of members with heterogeneous beliefs. We show that, when facing both investment and...

Corporate finance | Empirics | Regulation

Exposing the Revolving Door in Executive Branch Agencies

Paper

Posted on 6 April 2022

By Logan Emery

We develop the first comprehensive mapping of the revolving door phenomenon in the U.S. by examining the work experience in executive branch agencies of 1,910,150 individuals covering top corporate positions...

Corporate finance | Regulation | Theory

Voting and Trading: The Shareholder’s Dilemma

Paper

Posted on 22 October 2021

By Shaoting Pi

We study firm governance when shareholders strategically vote and buy/sell shares. We find that voting for the better policy maximizes portfolio value only when pivotal; otherwise, it is better to...

Papers & Opinions