Papers & Opinions | Page 5 of 6

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Empirics | Financial markets

Partisan Return Gap

Paper

Posted on 19 July 2021

By Jinfei Sheng

We document sharp differences in stock price responses to COVID-19-related news between public firms headquartered in blue counties (dominated by Democratic voters) and those in red counties (dominated by Republican...

Empirics | Financial markets | Theory

Political Cycles and Stock Returns

Paper

Posted on 18 July 2021

By Lubos Pastor

We develop a model of political cycles driven by time-varying risk aversion. Agents choose to work in the public or private sector and to vote Democrat or Republican. In equilibrium,...

Corporate finance | Empirics

Polarized Corporate Boards

Paper

Posted on 16 July 2021

By Phong Ngo

We show that political polarization between directors and the CEO negatively impacts the effectiveness of corporate boards. At the director level, polarization increases directors’ incentive to monitor the CEO but...

Electoral politics | Empirics | Political institutions

The Political Scar of Epidemics

Paper

Posted on 15 July 2021

By Orkun Saka

What political legacy is bequeathed by national health crises such as epidemics? We show that epidemic exposure in an individual’s “impressionable years” (ages 18 to 25) has a persistent negative...

Electoral politics | Financial markets | Theory

Inequality Aversion, Populism, and the Backlash Against Globalization

Paper

Posted on 12 July 2021

By Lubos Pastor

Motivated by the recent rise of populism in western democracies, we develop a tractable equilibrium model in which a populist backlash emerges endogenously in a strong economy. In the model,...

Financial markets | Political institutions | Regulation

Delegation and the Regulation of U.S. Financial Markets

Paper

Posted on 7 July 2021

By Thomas Groll

We analyze the institutional determinants of U.S. financial market regulation with a general model of the policy-making process in which legislators delegate authority to regulate financial risk at both the...

Banking | Financial development | Political institutions

De Facto Bank Bailouts

Paper

Posted on 7 July 2021

By Phong Ngo

The U.S. government uses its voting power to direct IMF loans to countries where U.S. banks are exposed to sovereign default—a de facto bailout. This effect is stronger in years...

Empirics | Political institutions | Regulation

Financial Policymaking After Crises: Public vs. Private Interests

Paper

Posted on 7 July 2021

By Orkun Saka

We first present a simple model of post-crisis policymaking driven by both public and private interests. Using a novel dataset covering 94 countries between 1973 and 2015, we then establish...

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...

Corporate finance | Empirics

The Political Polarization of U.S. Firms

Paper

Posted on 3 July 2021

By Elisabeth Kempf

Executive teams in U.S. firms are becoming increasingly politically polarized. We establish this new fact using political affiliations from voter registration records for top executives of S&P 1500 firms between...

Central banking | Empirics

Fifty Shades of QE: Comparing Findings of Central Bankers and Academics

Paper

Posted on 3 July 2021

By Elisabeth Kempf

We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more...

Banking | Corporate finance | Electoral politics | Empirics

The Effects of Local Government Financial Distress: Evidence from Toxic Loans

Paper

Posted on 2 July 2021

By Boris Vallee

We examine the response from both local governments and their voters to a sudden increase in public debt burden. We exploit plausibly exogenous variation in the ex post cost of...

Banking | Central banking | Empirics

Can Competition Between Regulated and Unregulated Institutions Affect Financial Stability?

Paper

Posted on 2 July 2021

By Eric Monnet

In the paper "The Real Effects of Bank Runs. Evidence from the French Great Depression (1930-1931)" we study how competition between regulated and unregulated institutions can trigger financial instability and...

Central banking | Corporate finance | Political institutions

(Why) Do Central Banks Care About Their Profits?

Paper

Posted on 1 July 2021

By Martin Schmalz

We document that central banks are significantly more likely to report slightly positive profits than slightly negative profits, especially amid greater political pressure, the public’s receptiveness to more extreme political...

Banking | Electoral politics | Empirics

Banks, Political Capital, and Growth

Paper

Posted on 30 June 2021

By Thomas Lambert

In this paper, we study the consequences of banks’ political connectedness for economic activity. We focus on the subset of banks that donate to candidates in US congressional elections, and...