During Egypt's Arab Spring, unprecedented popular mobilization and protests brought down Hosni Mubarak's government and … military, and the Islamist Muslim Brotherhood. Street protests continued to play an important role during this power struggle …. We show that these protests are associated with differential stock market returns for firms connected to the three groups …

. We show that corruption opportunities are lower under centralization at each period of time. However, centralization … makes more difficult for citizens to detect corrupt incumbents. Thus, corruption is easier under centralization for low … levels of political competition. We show that the relative advantage of centralization depends negatively on the quality of …