Special interest politics

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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...

Electoral politics | Empirics | Financial markets | Political institutions | Special interest politics

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...

Empirics | Regulation | Special interest politics

Regulatory Capture in Public Procurement

Paper

Posted on 10 October 2024

By Kentaro Asai

This paper studies how hiring public officials affects firms’ ability to win government contracts in Japan. We link personnel transitions of public officials to contractors and government contracts awarded to...

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...

Empirics | Political institutions | Special interest politics

Foreign Influence in US Politics

Paper

Posted on 4 April 2022

By Max Miller

We provide the first large-sample evidence of foreign influence in US politics, showing that meetings between foreign countries and legislators affect government resource allocation directly for countries and indirectly for...

Banking | Empirics | Special interest politics

Winning Connections? Special Interests and the Sale of Failed Banks

Paper

Posted on 16 March 2022

By Deniz Igan

We study how banks’ special interests affect the resolution of failed banks. Using a sample of FDIC auctions between 2007 and 2016, we find that bidding banks that lobby regulators...

Banking | Empirics | Special interest politics

The Politics of the Paycheck Protection Program

Paper

Posted on 8 December 2021

By Thomas Lambert

This paper examines the incidence of special interests in the allocation of loans through the Paycheck Protection Program (PPP). We find that lobbying at the firm and industry levels helps...

Banking | Special interest politics | Theory

Bank Influence at a Discount

Paper

Posted on 8 November 2021

By Stylianos Papageorgiou

In a general equilibrium framework, we study the cost incurred by banks to ''buy" influence on capital regulation via campaign contributions. Our central result is that banks buy influence at...

Special interest politics

Self-funding of Political Campaigns

Paper

Posted on 13 September 2021

By Philip Valta

Candidate self-funding, in particular self-loans, is a significant source of funding of political campaigns. Self-funding clusters among newcomers, Senate campaigns and Republican campaigns. Self-funded campaigns raise less money from individuals...

Corporate finance | Regulation | Special interest politics

Who Pays a Visit to Brussels? The Firm Value of Cross-Border Political Access to European Commissioners

Paper

Posted on 23 August 2021

By Jörg Stahl

We present novel evidence on the value of cross-border political access. We analyze data on meetings of US multinational enterprises (MNEs) with European Commission (EC) policymakers. Meetings with Commissioners are...

Empirics | Political institutions | Special interest politics

Why We Don’t Write More Papers on Political Finance

Opinion

Posted on 17 August 2021

By Orkun Saka

Despite the commonly held views of economists on regulatory capture, our profession has been much more hesitant in recognising similar conflicts of interests that may exist in economics research. This...

Central banking | Political institutions | Regulation | Special interest politics

Political Economy in Finance

Opinion

Posted on 6 July 2021

By Enrico Perotti

This post reports on recent work presented at the first edition of the CEPR Conference Series on the Political Economy of Finance, which focused on the politics of regulation and...

Papers & Opinions