The value of connections in turbulent times: Evidence from the United States

被引：248

作者：

Acemoglu, Daron ^{[1
]}

Johnson, Simon ^{[2
]}

Kermani, Amir ^{[3
]}

Kwak, James ^{[4
]}

Mitton, Todd ^{[5
]}

机构：

[1] MIT, Dept Econ, 77 Massachusetts Ave,Bldg E52,Room 446, Cambridge, MA 02142 USA

[2] MIT, Sloan Sch Management, 50 Mem Dr E62-420, Cambridge, MA 02142 USA

[3] Univ Calif Berkeley, Haas Sch Business, 545 Student Serv,Bldg 1900, Berkeley, CA 94720 USA

[4] Univ Connecticut, Sch Law, 55 Elizabeth St,Hosmer 118, Hartford, CT 06105 USA

[5] Brigham Young Univ, Marriott Sch Management, TNRB 640, Provo, UT 84602 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2016年 / 121卷 / 02期

关键词：

Political connections; Economic crises; Institutions; POLITICAL CONNECTIONS;

D O I：

10.1016/j.jfineco.2015.10.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The announcement of Timothy Geithner as nominee for Treasury Secretary in November 2008 produced a cumulative abnormal return for financial firms with which he had a prior connection. This return was about 6% after the first full day of trading and about 12% after ten trading days. There were subsequently abnormal negative returns for connected firms when news broke that Geithner's confirmation might be derailed by tax issues. Personal connections to top executive branch officials can matter greatly even in a country with strong overall institutions, at least during a time of acute financial crisis and heightened policy discretion. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：368 / 391

页数：24

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