Political Corruption and Cost of Equity
利用美国司法部各州政治腐败数据，发现位于腐败程度较高州的企业股权资本成本更高，该结果在多种稳健性检验下依然成立。
Using U.S. Department of Justice data on state-level political corruption, we find that, consistent with the Harmful Corruption Environment Hypothesis (HCEH), firms situated in states with higher levels of corruption incur higher costs of equity (CoEs). These results are robust for additional controls, propensity score matching, use of instrumental variables, exogenous shocks, and alternate measures for main dependent and primary independent research variables. Our study extends the stream of literature that investigates the influence of local ethical or trust factors on CoE and complements works by El Ghoul and colleagues and Gupta and colleagues.