Corporate Political Contributions and Stock Returns
构建了1979-2004年美国企业政治捐款的数据库，发现企业支持候选人的程度与未来股票收益正相关，尤其当企业支持同州在任议员或偏向众议员和民主党时效果更强。
ABSTRACT We develop a new and comprehensive database of firm‐level contributions to U.S. political campaigns from 1979 to 2004. We construct variables that measure the extent of firm support for candidates. We find that these measures are positively and significantly correlated with the cross‐section of future returns. The effect is strongest for firms that support a greater number of candidates that hold office in the same state that the firm is based. In addition, there are stronger effects for firms whose contributions are slanted toward House candidates and Democrats.