Annual Conference

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Household Finance

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May 2022

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

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

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

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

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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