This paper addresses the effects of the revolving door phenomenon on the inequality of influence among firms. It shows that firms are not equal in their capacities to benefit from state connections. We first develop a theoretical model introducing the notion of "bureaucratic capital" and showing...

The paper compares the policy choices regarding risk-transfer against low-probability-high-loss events between elected and appointed public officials. Empirical evidence using data on U.S. municipality-level shows that appointed city managers are more likely to adopt federal risk-transfer...