Sudden Deaths: Taking Stock of Geographic Ties
分析全球政客猝死样本,发现其家乡企业市值平均下跌1.7%,随后销售增长和信贷获取放缓,影响在家族企业、高增长企业及政客管辖行业企业中更显著。
Abstract Analysis of a worldwide sample of sudden deaths of politicians reveals a market-adjusted 1.7% decline in the value of companies headquartered in the politician's hometown. The decline in value is followed by a drop in the rate of growth in sales and access to credit. Our results are particularly pronounced for family firms, firms with high growth prospects, firms in industries over which the politician has jurisdiction, and firms headquartered in highly corrupt countries.