on the U.S. policing industry using a novel dataset on publicly traded firms contracting with the police. It is unclear … whether the BLM uprisings were likely to increase or decrease market valuations of firms contracting heavily with police … because of the increased interest in reforming the police, fears over rising crime, and pushes to "defund the police". We find …

Given police abolitionism's new visibility after the 2020 racial justice protests, we assess stakeholder beliefs on the … protests' stock impacts on police-affiliated firms. Experts generally underestimate the firms' stock gains, except situated … experts like community organizers and police experts, who link the market responses to reforms, not budget cuts. An experiment …

justice after the murder of George Floyd and the salience of the "defund the police" movement. We assess stakeholder beliefs … on the impact of protests on the stock prices of police-affiliated firms. In our survey experiment, laypeople and finance … exposed to protests were 20% less likely to hold police stocks, after the protests, than funds in areas without protests …