Corporate Political Speech, Political Extortion, and the Competition for Corporate Charters

Competition for Corporate Charters and the Lesson of Takeover Statutes

Globalization and Corporate Political Unity

Corporate Political Spending and the Size Effect

In the years since Citizens United v. FEC,1 corporate-political-spending disclosure has become an increasingly heated public policy issue. The portion of the Court’s opinion that championed shareholder rights to make decisions about corporate political speech generated a substantial, interdisciplinary literature,2 and shareholders responded by demanding political-spending disclosure through a b...

Corporate Political Activity and Asset Pricing

This study considers the implications of corporate political activity and political risk on asset pricing. It is found that firms which operate an affiliated political action committee (PAC) outperform firms that do not. Among firms that operate a PAC, we find that those that spend relatively less on politics outperform those that spend more and that political risk is successfully hedged by fir...

Political Relationships, Global Financing and Corporate Transparency

This study examines the financing choices of firms operating in a weak institutional environment. We argue that in relationship-based systems, global financing and strong political connections are alternative means to create firm value. Well-connected firms might be less inclined to access global capital markets because (state-owned) domestic banks provide capital at low cost. Moreover, the exp...