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Valuing Changes in Political Networks: Evidence from Campaign Contributions to Close Congressional Elections
Abstract
This paper investigates the value of firm political connections using a regression discontinuity design in a sample of close, off-cycle U.S. congressional elections. I compare firms donating to winning candidates and firms donating to losing candidates and find that postelection abnormal equity returns are 3% higher for firms donating to winning candidates. Connections to politicians serving on powerful congressional committees, such as appropriations and taxation, are especially valuable and impact contributing firms sales. Firms' campaign contributions are correlated with other political activities such as lobbying and hiring former government employees, suggesting that firms take coordinated actions to build political networks.
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Cited by
What Affects Innovation More: Policy or Policy Uncertainty?
Bhattacharya, U., Hsu, P.-H., Tian, X., & Xu, Y. (2017) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109017000540 · Cited by 648
The value of connections in turbulent times: Evidence from the United States
Acemoglu, D., Johnson, S., Kermani, A., Kwak, J., & Mitton, T. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2015.10.001 · Cited by 615
Political Connections and Allocative Distortions
SCHOENHERR, D. (2019) · The Journal of Finance · doi:10.1111/jofi.12751 · Cited by 328
Zhou, Y., Liu, Q., Huang, J., & Li, G. (2026) · Technology in Society · doi:10.1016/j.techsoc.2025.103087 · Cited by 24
Metadata
- Authors
- Akey, P.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2015-06-03
- Volume
- 28
- Issue
- 11
- Pages
- 3188-3223
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3123393350
- Cited by
- 342
- References
- 0
- FWCI
- 70.19
- Type
- journal article
- Language
- en
- Open access
- closed
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