Political Economy

History of Corporate Ownership in Italy

Law, Finance, and Politics: The Case of India

  The process of liberalization of India's economy since 1991 has brought with it considerable development both of its financial markets and the legal...

The Politics of CEOs

This article studies the political preferences of chief executive officers (CEOs) of public companies. We use Federal Election Commission records to...

Different Approaches to Corporate Reporting Regulation: How Jurisdictions Differ and Why

This paper discusses differences in countries’ approaches to reporting regulation and explores the reasons why they exist in the first place as well...

Shareholder Protection, Stock Market Development, and Politics

Who Directs the Fed?

During the financial crisis, questions arose concerning links between the Federal Reserve and the business community. This paper provides the first...

Cross-Border Venture Capital Investments: What Is the Role of Public Policy?

Cross-border venture capital (VC) investments play an important role in the scaling up of high-growth companies. However, policymakers worry that...

We study the potential negative externalities of mandatory environmental, social, and governance (ESG) disclosure. Our analysis exploits a unique...

Politics, Investor Protection and Competition

The Incredible Shrinking Stock Market: On the Political Economy Consequences of Excessive Delistings

Over the past two decades, the U.S. stock market has halved in size as the "public firm model" has begun to fall out of favor. We develop a political economy...

The Corporate Value of (Corrupt) Lobbying

Using an event study, we examine whether the stock market considers corporate lobbying to be a value-enhancing investment. On January 3, 2006, lobbyist...

Friends in High Places: Political Ties and SEC Oversight of Foreign Firms

In this paper, we examine the effect of country-level political relationships on SEC oversight of US-listed foreign firms, ranging from routine review...