In most national elections, voters face a key choice between continuity and change. Electoral turnovers occur when the incumbent candidate or party fails to win reelection. To understand how turnovers affect national outcomes, we study the universe of presidential and parliamentary elections...

This paper examines basic but very important questions in the democratic process: do individual candidates represent the will of their own district constituency, even in a parliamentary system with well-disciplined legislative parties? The answer is clearly yes: this paper demonstrates dyadic...

We analyze stock market reactions to announcements of political appointments from the private sector and corporate appointments of former government officials. Using unique data on corporate affiliations and announcements of all Senate-confirmed U.S. Defense Department appointees of six...