Khieu, Hinh; Nguyen, Nam; Phan, Hieu V.; Fulkerson, Jon A. - 2022
We use variation in corruption convictions across judicial districts in the United States to examine the relationship … between political corruption and risk-taking of public firms. Firms headquartered in regions with high levels of political … corruption have lower total risk and lower idiosyncratic risk on average. Further analysis shows that corruption tends to …