Empirics | PolEconFin

.tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-views-wpa-editor > .tb-grid-column:nth-of-type(3n + 1) { grid-column: 1 } .wp-block-toolset-views-wpa-editor > .tb-grid-column:nth-of-type(3n + 2) { grid-column: 2 } .wp-block-toolset-views-wpa-editor > .tb-grid-column:nth-of-type(3n + 3) { grid-column: 3 } .wp-block-toolset-views-wpa-editor .js-wpv-loop-wrapper > .tb-grid { grid-template-columns: minmax(0, 0.3333fr) minmax(0, 0.3333fr) minmax(0, 0.3333fr);grid-auto-flow: row } .wpv-pagination-nav-links[data-toolset-views-view-pagination-block="6fc456e0d2a0e638575b0db58ccb05eb"] { text-align: center;justify-content: center; } .wpv-block-loop-item[data-toolset-views-view-template-block="4dd58c79d585af0d737b877ecac2c973"] { background-color: rgba( 237, 242, 247, 1 );color: rgba( 23, 28, 84, 1 ); } .tb-container .tb-container-inner{width:100%;margin:0 auto} .wp-block-toolset-blocks-container.tb-container[data-toolset-blocks-container="6c84a0ea05b124f667b49b451c22c529"] { padding: 25px;box-shadow: 5px 5px 10px 0 rgba( 0, 0, 0, 0.5 );min-height: 70vh; } .tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:normal !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em} .tb-button[data-toolset-blocks-button="0e6108abdaa9b4ea8814017164dc426a"] .tb-button__link { background-color: rgba( 237, 242, 247, 1 );color: rgba( 23, 28, 84, 1 );padding-left: 5px;font-size: 14px;text-transform: uppercase;color: rgba( 23, 28, 84, 1 ); } .tb-button[data-toolset-blocks-button="0e6108abdaa9b4ea8814017164dc426a"] .tb-button__link:hover { background-color: rgba( 23, 28, 84, 1 );color: rgba( 255, 255, 255, 1 );padding-left: 5px;font-size: 14px;color: rgba( 255, 255, 255, 1 ); } .tb-button[data-toolset-blocks-button="0e6108abdaa9b4ea8814017164dc426a"] .tb-button__icon { font-family: dashicons;margin-right: 8px; } .tb-button[data-toolset-blocks-button="0e6108abdaa9b4ea8814017164dc426a"] .tb-button__icon::before { content: '\f481'; }  .tb-fields-and-text[data-toolset-blocks-fields-and-text="c7c77a5d4348dd20b7dee95e08f7261d"] { line-height: 14px;color: rgba( 113, 128, 150, 1 );margin-top: -5px;padding-top: 0px; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="c7c77a5d4348dd20b7dee95e08f7261d"] p { line-height: 14px;color: rgba( 113, 128, 150, 1 ); } .tb-fields-and-text[data-toolset-blocks-fields-and-text="f4f37b2dc842e06270c21af5ff9e249e"] { line-height: 12px;color: rgba( 113, 128, 150, 1 );margin-top: 0px;padding-top: 0px; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="f4f37b2dc842e06270c21af5ff9e249e"] p { line-height: 12px;color: rgba( 113, 128, 150, 1 ); } .tb-fields-and-text[data-toolset-blocks-fields-and-text="db2f1722725e8a06aee13cf46aca8ffa"] { font-style: normal;color: rgba( 40, 113, 173, 1 );text-transform: uppercase;background-color: rgba( 0, 0, 0, 0 );border-radius: 8px; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="db2f1722725e8a06aee13cf46aca8ffa"] p { font-style: normal;text-transform: uppercase;color: rgba( 40, 113, 173, 1 ); } .tb-fields-and-text[data-toolset-blocks-fields-and-text="8c2bef469ab79f81513005f1abadd88b"] { font-size: 20px;line-height: 22px;letter-spacing: 0.2px;color: rgba( 74, 85, 104, 1 );text-transform: capitalize; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="8c2bef469ab79f81513005f1abadd88b"] p { font-size: 20px;line-height: 22px;letter-spacing: 0.2px;text-transform: capitalize;color: rgba( 74, 85, 104, 1 ); } .tb-fields-and-text[data-toolset-blocks-fields-and-text="d032e95bd4d2d812ef0a1e133a9d0c24"] { font-size: 13px;line-height: 17px;text-transform: uppercase; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="d032e95bd4d2d812ef0a1e133a9d0c24"] p { font-size: 13px;line-height: 17px;text-transform: uppercase; } .tb-image{position:relative;transition:transform 0.25s ease}.wp-block-image .tb-image.aligncenter{margin-left:auto;margin-right:auto}.tb-image img{max-width:100%;height:auto;width:auto;transition:transform 0.25s ease}.tb-image .tb-image-caption-fit-to-image{display:table}.tb-image .tb-image-caption-fit-to-image .tb-image-caption{display:table-caption;caption-side:bottom} .wp-block-image.tb-image[data-toolset-blocks-image="7f566cb258cb720bd4c68e811aedacba"] { max-width: 100%; } @media only screen and (max-width: 781px) { .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-views-wpa-editor > .tb-grid-column:nth-of-type(2n + 1) { grid-column: 1 } .wp-block-toolset-views-wpa-editor > .tb-grid-column:nth-of-type(2n + 2) { grid-column: 2 } .wp-block-toolset-views-wpa-editor .js-wpv-loop-wrapper > .tb-grid { grid-template-columns: minmax(0, 0.5fr) minmax(0, 0.5fr);grid-auto-flow: row } .tb-container .tb-container-inner{width:100%;margin:0 auto}.tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:normal !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em} .tb-image{position:relative;transition:transform 0.25s ease}.wp-block-image .tb-image.aligncenter{margin-left:auto;margin-right:auto}.tb-image img{max-width:100%;height:auto;width:auto;transition:transform 0.25s ease}.tb-image .tb-image-caption-fit-to-image{display:table}.tb-image .tb-image-caption-fit-to-image .tb-image-caption{display:table-caption;caption-side:bottom} } @media only screen and (max-width: 599px) { .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-views-wpa-editor  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-views-wpa-editor .js-wpv-loop-wrapper > .tb-grid { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .tb-container .tb-container-inner{width:100%;margin:0 auto}.tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:normal !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em} .tb-image{position:relative;transition:transform 0.25s ease}.wp-block-image .tb-image.aligncenter{margin-left:auto;margin-right:auto}.tb-image img{max-width:100%;height:auto;width:auto;transition:transform 0.25s ease}.tb-image .tb-image-caption-fit-to-image{display:table}.tb-image .tb-image-caption-fit-to-image .tb-image-caption{display:table-caption;caption-side:bottom} } 

Electoral politics | Empirics | Political institutions

Valuing Peace: The Effects of Financial Market Exposure on Votes and Political Attitudes

Paper

Posted on 1 May 2024

By Saumitra Jha

Can participation in financial markets lead individuals to reevaluate the costs of conflict, change their political attitudes, and even their votes? Prior to the 2015 Israeli elections, we randomly assigned...

Electoral politics | Empirics | Political institutions

Mega-Donors and Representation of the Wealthy in the Wake of Citizens United

Paper

Posted on 25 April 2024

By Guosong Xu

We document that in the wake of the Supreme Court's Citizens United decision, which increased in the ability of the wealthy to finance political campaigns, the share of total electoral...

Empirics | Financial markets | Political institutions

Financial Market Exposure Increases Generalized Trust, Particularly Among the Politically Polarized

Paper

Posted on 19 April 2024

By Saumitra Jha

How can we build trust, especially in polarized societies? We propose that exposure to broad financial markets—where individuals place their assets in the hands of large groups of unfamiliar agents...

Empirics | Financial development | Political institutions

Financial Asset Holdings and Political Attitudes

Paper

Posted on 22 March 2024

By Saumitra Jha

The English Parliament’s struggle for supremacy against monarchical dictatorship during the Civil War (1642–1648) was crucial for the establishment of representative government, yet its lessons continue to be debated. I...

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...

Banking | Empirics | Regulation

The Implementation of Central Bank Policy in China

Paper

Posted on 27 November 2023

By Yushi Peng

We examine the roles of commercial bank ownership and CEO faction membership in facilitating or in hindering the implementation of central bank policy in China. Both ownership and membership matter:...

Electoral politics | Empirics | Financial markets | Regulation

Is Sustainable Finance a Dangerous Placebo?

Paper

Posted on 18 July 2023

By Stefano Ramelli

A first-order concern regarding sustainable finance is that it may crowd out individual support for more effective, policy-driven approaches to address societal challenges. We test the validity of this concern...

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...

Banking | Central banking | Empirics

Connected Lending of Last Resort

Paper

Posted on 9 February 2023

By Kris Mitchener

Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal...

Central banking | Empirics | Political institutions

(In)dependent Central Banks

Paper

Posted on 25 January 2023

By Alex Michaelides

Since the 1980s many countries have reformed the institutional framework governing their central banks to increase operational independence. Collecting systematic biographical information, international press coverage, and independent expert opinions, we...

Empirics | Financial markets | Media

The Stock Market’s Response to the Political Affiliation of News Sources

Paper

Posted on 7 November 2022

By Alberto Manconi

We use the acquisition of Dow Jones & Co. by News Corporation in 2007 to study whether investors respond to a news source’s political affiliation. Following the acquisition, the price...

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...

Empirics | Financial markets | Media

Corporate Response to the Black Lives Matter Movement

Paper

Posted on 30 June 2022

By AJ Chen

We investigate determinants that encourage companies to speak out via twitter or their websites in support of Black Lives Matter (BLM) after the death of George Floyd on May 25,...

Papers & Opinions