Is globalization being derailed by opponents? Result of this event study analysis of the 1997 fast-track denial suggest that investors (1) may have perceived fast-track as a debate on globalization and (2) appear to have expected financial losses to result from the failure to enact fast-track....

Recent studies highlight positive effect of political connections on firm performance and stock returns. This paper shows that the positive effect of political connections on the cross-sectional stock returns disappears in the lame duck presidency period, defined as the last two years before the...

Is there a presidential rhetoric of hard times? We are interested in presidents' rhetorical reactions during economic contractions. Do they rhetorically react at all? If they choose to speak, what do they seek to convey to the public about the economy? We analyze the major discretionary speeches...