incidence violates traditional versions of the economic theory of regulation. Organized subgroups should be able to protect … principal reasons, one requiring a refinement of the theory. The first is that under regulation the incentives of both …. Political cohesion, and hence changes, become more difficult to achieve. The second reason and theory refinement is that rent …

Prior research provides mixed evidence on whether corporate lobbying activities increase or decrease shareholder value …. In this study we use detailed data on corporate lobbying expenditures to investigate which factors influence the returns … to corporate lobbying activities. Specifically, we examine whether the returns vary by lobbying issue (e.g., tax …