Faccio, Mara; Parsley, David C. - In: Journal of Financial and Quantitative Analysis 44 (2009) 03, pp. 683-718
Analysis of a worldwide sample of sudden deaths of politicians reveals a market-adjusted 1.7% decline in the value of companies headquartered in the politician's hometown. The decline in value is followed by a drop in the rate of growth in sales and access to credit. Our results are particularly...