This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct...

Campaign expenditures are not effective in increasing candidates vote shares if voters do not respond to the advertisement when they believe that campaign expenditures are financed with tainted money. In this situation, limiting contributions may reduce the number of policy favors that...