Surprise election for Trump connections

Travers Barclay Child (First Author), M. Schabus (Participant Author), Y. Zhou (Participant Author), N. Massoud (Participant Author)

科研成果: 期刊稿件期刊论文

20 引用 (Web of Science)
147 下载量 (Pure)

摘要

We exploit Donald Trump’s nonpolitical background and surprise election victory to identify the value of sudden presidential ties among S&P 500 firms. In our setting firms did not choose to become politically connected, so we identify treatment effects comparatively free of selection bias prevalent in this literature. Firms with presidential ties enjoyed greater abnormal returns around the 2016 election. Since Trump’s inauguration, connected firms had better performance, received more government contracts, and were less subject to unfavorable regulatory actions. We rule out a number of confounding factors, including industry designation, sensitivity to Republican platforms, campaign finance, and lobbying expenditures.
源语言英语
期刊Journal of Financial Economics
In Press
DOI
出版状态已出版 - 2020

Corresponding author email

t.b.child@ceibs.edu

关键词

  • Donald Trump
  • Event study
  • Firm performance
  • Political connections

成果物的来源

  • FT
  • ABDC-A*
  • Scopus
  • SSCI

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