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Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections
Do, Quoc-Anh; Lee, Yen-Teik; Nguyen, Bang Dang - C.E.P.R. Discussion Papers - 2015
Using the regression discontinuity design of close gubernatorial elections in the U.S., we identify a significant and positive impact of the social networks of corporate directors and politicians on firm value. Firms connected to elected governors increase their value by 3.89%. Political...
Persistent link: https://www.econbiz.de/10011249372
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The Political Resource Curse
Brollo, Fernanda; Nannicini, Tommaso; Perotti, Roberto; … - C.E.P.R. Discussion Papers - 2010
politicians, both with theory and data. The theory is based on a version of the career concerns model of political agency with … implications of the theory and identify the causal effect of larger federal transfers on political corruption and the observed … features of political candidates at the municipal level. In accordance with the predictions of the theory, we find that larger …
Persistent link: https://www.econbiz.de/10008468543
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Fiscal Centralization and the Political Process
Albornoz-Crespo, Facundo; Cabrales, Antonio - C.E.P.R. Discussion Papers - 2010
We study the dynamic support for fiscal decentralization in a political agency model from the perspective of a region. We show that corruption opportunities are lower under centralization at each period of time. However, centralization makes more difficult for citizens to detect corrupt...
Persistent link: https://www.econbiz.de/10008468714
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Social Capital and Political Accountability
Nannicini, Tommaso; Stella, Andrea; Tabellini, Guido; … - C.E.P.R. Discussion Papers - 2010
In this paper, we empirically investigate a channel through which social capital may improve economic wellbeing and the functioning of institutions: political accountability. The main idea is that voters who share norms of generalized morality demand higher standards of behavior on their elected...
Persistent link: https://www.econbiz.de/10008530376
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Decentralization and Electoral Accountability: Incentives, Separation and Voter Welfare
Hindricks, Jean; Lockwood, Ben - C.E.P.R. Discussion Papers - 2005
This paper studies the relationship between fiscal decentralization and electoral accountability, by analysing how decentralization impacts upon incentive and selection effects, and thus on voter welfare. The model abstracts from features such as public good spillovers or economies of scale, so...
Persistent link: https://www.econbiz.de/10005504327
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Politics and Monetary Policy
Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2010
How and why do politicians’ preferences about monetary policy differ from the interest rates set by independent central banks? Looking at the European Central Bank, the paper shows that politicians, on average, favor significantly lower interest rates. Three factors explain the different...
Persistent link: https://www.econbiz.de/10008784739
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Public Procurement and Rent-Seeking: The Case of Paraguay
Auriol, Emmanuelle; Flochel, Thomas; Straub, Stéphane - C.E.P.R. Discussion Papers - 2011
A model of entrepreneurial choices in an economy with a corrupt public procurement sector is built, providing predictions along two main dimensions. First, corruption is more frequent in sectors where public institutions are large buyers. Second, firms favoured with corrupt contracts enjoy extra...
Persistent link: https://www.econbiz.de/10008865969
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How Globalization Improves Governance
Bonaglia, Federico; Braga de Macedo, Jorge; Bussolo, … - C.E.P.R. Discussion Papers - 2001
available theoretical explanations of causal relationships between globalization and governance. Microeconomic theory helps us …
Persistent link: https://www.econbiz.de/10005114501
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Looking Beyond the Incumbent: The Effects of Exposing Corruption on Electoral Outcomes
Chong, Alberto; De La O, Ana; Karlan, Dean S.; … - C.E.P.R. Discussion Papers - 2012
parties? Democratic theory assumes that offering more information to voters will enhance electoral accountability. However, if …
Persistent link: https://www.econbiz.de/10011084114
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How Elections Matter: Theory and Evidence from Environmental Policy
List, John; Sturm, Daniel M - C.E.P.R. Discussion Papers - 2004
popular view that choices on secondary policy instruments are largely determined by lobbying, we find strong effects of …
Persistent link: https://www.econbiz.de/10005789133