Financial markets | 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="a687419a64e3896393de087113769911"] .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="a687419a64e3896393de087113769911"] .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="a687419a64e3896393de087113769911"] .tb-button__icon { font-family: dashicons;margin-right: 8px; } .tb-button[data-toolset-blocks-button="a687419a64e3896393de087113769911"] .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="3547073563c633395b0a471e9ae768a1"] { max-width: 100%; } .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="e82ff90ddafe733f75e1b69feed797ff"] { 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}.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}.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} } 

Banking | Empirics | Financial markets | Regulation

Bank Lobbying as a Financial Safety Net

Paper

Posted on 4 November 2024

By Kentaro Asai

I argue creditors, plausibly considering the link between bank lobbying and government bailouts, reflect the financial-safety-net aspect of bank lobbying. My structural estimation based on U.S. data suggests bank lobbying...

Markets under Siege: How Political Beliefs Move Financial Markets

Paper

Posted on 12 October 2024

By Saumitra Jha

Can political beliefs, particularly about benefits of war versus peace, move thick financial markets? We document that following an unlikely victory by French citizen-soldiers during the German Siege of Paris...

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...

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...

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...

Financial markets | Political institutions | Regulation

Transnational Market Abuse and the Politics of Surveillance Delegation in the EU

Paper

Posted on 29 March 2023

By Miles Kellerman

National surveillance is often insufficient to identify transnational issues. One solution to this problem is to delegate to international organizations (IOs) the power to surveil activity in numerous states simultaneously,...

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...

Financial markets | Media

Friends in Low Places: The Impact of Political Scandals on Connected Firms’ Stock Prices

Paper

Posted on 24 October 2022

By Susanne Preuss

Having “friends in high places” can bring many benefits. But what happens if these “friends” are involved in shady business dealings, use taxpayer funds to finance lavish offices or vacations,...

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,...

Financial markets | Regulation | Theory

Clinging Onto the Cliff: A Model of Financial Misconduct

Paper

Posted on 17 June 2022

By AJ Chen

We propose a novel pressure-based model of financial misconduct. We interpret the robust empirical findings of a high “success rate of crime” as evidence of skewness in the payoff of...

Electoral politics | Empirics | Financial markets

Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 US Elections

Paper

Posted on 28 January 2022

By Stefano Ramelli

Donald Trump's 2016 election and his nomination of climate skeptic Scott Pruitt to head the Environmental Protection Agency drastically downshifted expectations about U.S. policy toward climate change. Joseph Biden's 2020...

Empirics | Financial markets | Political institutions

House of Funds

Paper

Posted on 15 November 2021

By Nataliya Gerasimova

I document that political connections are an important driver of investment strategies of U.S. mutual funds. I collect data on mutual fund holdings of U.S. Congress members and equity holdings...

Banking | Corporate finance | Electoral politics | Financial markets

Does Political Partisanship Cross Borders? Evidence from International Capital Flows

Paper

Posted on 4 October 2021

By Elisabeth Kempf

Does partisan perception shape the flow of international capital? We provide evidence from two settings, syndicated corporate loans and equity mutual funds, to show that ideological alignment with foreign governments...

Central banking | Empirics | Financial markets | Regulation

The Partisanship of Financial Regulators

Paper

Posted on 27 September 2021

By Matthew Henriksson

We analyze the partisanship of Securities and Exchange Commissioners (SEC) and members of the Federal Reserve Board of Governors (Fed). Using the language-based approach of Gentzkow, Shapiro, and Taddy (Econometrica,...

Empirics | Financial markets | Political institutions | Theory

Democratization, Inequality, and Risk Premia

Paper

Posted on 21 September 2021

By Max Miller

Risk premia are significantly elevated during periods of democratization in a cross-country panel of equity data covering 85 countries over 200 years, despite little evidence of a negative effect on...

Papers & Opinions