We study the relation between CEO and employee campaign contributions and find that CEO-supported political candidates receive three times more money from employees than the candidates not supported by the CEO. This relation holds around CEO departures, including plausibly exogenous departures...

We document that the share of corporate executives in federal elected office increased from 13.3% in 1980 to 22.6% in 2018 and find evidence consistent with executives entering politics to advance their firms' interests. First, firms make substantial political contributions to their former...

In 2021, the U.S. Treasury reduced Government Sponsored Enterprises (GSEs) exposure to speculative mortgages. As a result, GSE purchases fell by about 20 percentage points. The policy reduced credit to speculative investors in housing, but increased credit to unaffected parts of the...