The Power of the Street: Evidence from Egypt’s Arab Spring
利用埃及阿拉伯之春期间每日抗议人数变化，发现更激烈的抗议会降低与当权派关联企业的股市估值，但对与竞争派系关联企业无影响，表明街头抗议能部分制约政治寻租。
Unprecedented street protests brought down Mubarak’s government and ushered in an era of competition between three rival political groups in Egypt. Using daily variation in the number of protesters, we document that more intense protests are associated with lower stock market valuations for firms connected to the group currently in power relative to non-connected firms, but have no impact on the relative valuations of firms connected to rival groups. These results suggest that street protests serve as a partial check on political rent-seeking. General discontent expressed on Twitter predicts protests but has no direct effect on valuations.