Political Connections and Preferential Access to Finance: The Role of Campaign Contributions

Political Connections and Preferential Access to Finance: The Role of Campaign Contributions

Using novel indicators of political connections constructed from campaign contribution data, we show that Brazilian firms that provided contributions to (elected) federal deputies experienced higher stock returns than firms that did not around the 1998 and 2002 elections. This suggests that contribu...

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Bibliographic Details
Main Authors: Claessens, Stijn, Feijen, Erik, Laeven, Luc
Format: Journal Article
Language:EN
Published: 2012
Subjects:
Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior D720
Information and Market Efficiency
Event Studies G140
Economic Development: Financial Markets
Saving and Capital Investment
Corporate Finance and Governance O160
Formal and Informal Sectors
Shadow Economy
Institutional Arrangements O170
Online Access:http://hdl.handle.net/10986/5530

Internet

http://hdl.handle.net/10986/5530

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