Executive Partisanship and Corporate Investment
研究发现，当企业管理层与总统党派倾向一致时，企业投资水平更高。这种乐观情绪驱动的投资增加会降低盈利能力和股票回报，扭曲投资决策。
Abstract I show that an alignment in partisan affiliation, between a firm’s management and the president, is associated with higher levels of investment. Using insider trading data, I find that managers become more optimistic about their companies’ prospects when their preferred party is in power. This optimism-driven increase in investment is amplified by herding and associated with both lower profitability and stock returns. Overall, managers’ political beliefs produce heterogeneous expectations about future cash flows and distort investment decisions.