Papers & Opinions


Posted on 11 May 2023

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...


Posted on 16 July 2021

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...


Posted on 22 June 2021

We investigate how politicians’ ideologies affect economic outcomes and financial development through firm-level channels. We explore a unique setting of ideological change in China from Mao’s ideology to Deng’s around...