全球智库信息集成服务系统(G2TT): All the President\u2019s Friends: Political Access and Firm Value

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23356
来源ID	Working Paper 23356
	All the President\u2019s Friends: Political Access and Firm Value
	Jeffrey R. Brown; Jiekun Huang
发表日期	2017-05-01
出版年	2017
语种	英语
摘要	Using novel data on White House visitors from 2009 through 2015, we find that corporate executives’ meetings with key policymakers are associated with positive abnormal stock returns. We also find evidence suggesting that following meetings with federal government officials, firms receive more government contracts and are more likely to receive regulatory relief (as measured by the tone of regulatory news). The investment of these firms also becomes less affected by political uncertainty after the meetings. Using the 2016 presidential election as a shock to political access, we find that firms with access to the Obama administration experience significantly lower stock returns following the release of the election result than otherwise similar firms. Overall, our results provide evidence suggesting that political access is of significant value to corporations.
主题	Financial Economics ; Financial Institutions ; Corporate Finance ; Public Economics ; Taxation
URL	https://www.nber.org/papers/w23356
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/581030
推荐引用方式 GB/T 7714	Jeffrey R. Brown,Jiekun Huang. All the President\u2019s Friends: Political Access and Firm Value. 2017.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w23356.pdf（550KB）	智库出版物		限制开放	CC BY-NC-SA	浏览