To understand the mechanisms through which political connections impact firm value and performance, we study how political connections affect connected firms and their peers. Following the announcement of anti-corruption investigations in China, we show that the industry peers of firms connected...

This paper offers a political economy explanation to the question of why over 100 years of mineral resource extraction in Ghana has failed to translate into broad-based development. It does so through the lens of political settlements, which draws attention to how relations of power and ideas...