Annual Conference

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Household Finance

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May 2022

Political Voice and (Mortgage) Market Participation: Evidence from Minority Disenfranchisement

Arkodipta SARKAR, Nishant VATS, Seongjin PARK
This paper documents the link between political voice and economic decision-making. Combining the dilution of Section 5 of the Voting Rights Act as a shock to the enfranchisement of Black Americans with granular data on the US mortgage market, we document a 14.7% decline in mortgage origination for ...
Keywords: voting rights, mortgages, lending, race, discrimination, fear of rejection, homophily
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Annual Conference

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Corporate Finance

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May 2015

Political Turnover, Ownership, and Corporate Investment

Sili ZHOU, Brandon JULIO, Tiecheng LENG, Jerry CAO
We examine the impact of political influence and ownership on corporate investment by exploiting the unique way provincial leaders are selected and promoted in China. The tournament-style promotion system creates incentives for new provincial governors to exert their influence over capital allocatio...
Keywords: Corporate investment, Political turnover, China, SOE, Political uncertainty, Grabbinghand, Crowding out, Investment
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Annual Conference

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Accounting

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May 2015

Political Standards Accounting for Legitimacy

Karthik RAMANNA
I develop the notion of “thin political markets.” These are esoteric areas of market rule-making where corporate managers possess the technical expertise necessary for informed regulation, enjoy strong economic interests in the outcome, and face little political opposition. The motivating phenom...
Keywords: Political standards, Political economy, M&A, auditing, accounting
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2023

Political Partisanship and the Transmission of Fiscal Policy

Francesco DACUNTO, Pulak GHOSH, Alberto G. ROSSI
We document that support for the ruling party (“partisanship”) increases the take-up of government programs in which participation is costly. The take-up rates of a large-scale Indian loan-guarantee program, Mudra loans, diverge across low- and high-partisanship electoral districts but only mont...
Keywords: Heterogeneous Beliefs, Political Finance, Government Spending, Loans, Fiscal Policy, Government Programs, Small Businesses, Media Economics, Information Economics
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Political Determinants of Competition in the Mobile Telecommunication Industry

Luigi ZINGALES, Mara FACCIO
We study how political factors shape competition in the mobile telecommunication sector. We show that the way a government designs the rules of the game has an impact on concentration, competition, and prices. Pro-competition regulation reduces prices, but does not hurt quality of services or invest...
Keywords: Political Connections, Capture, Antitrust
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