Corporate Political Contributions and Stock Returns

被引：514

作者：

Cooper, Michael J. ^{[1
]}

Gulen, Huseyin ^{[2
]}

Ovtchinnikov, Alexei V. ^{[3
]}

机构：

[1] Univ Utah, David Eccles Sch Business, Salt Lake City, UT 84112 USA

[2] Purdue Univ, Krannert Sch Management, W Lafayette, IN 47907 USA

[3] Vanderbilt Univ, Owen Grad Sch Management, Nashville, TN 37203 USA

来源：

JOURNAL OF FINANCE | 2010年 / 65卷 / 02期

关键词：

UNITED-STATES-HOUSE; CAMPAIGN CONTRIBUTIONS; CROSS-SECTION; MONEY; MARKET; FIRM; PARTICIPATION; DETERMINANTS; INVESTMENTS;

D O I：

10.1111/j.1540-6261.2009.01548.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop a new and comprehensive database of firm-level contributions to U.S. political campaigns from 1979 to 2004. We construct variables that measure the extent of firm support for candidates. We find that these measures are positively and significantly correlated with the cross-section of future returns. The effect is strongest for firms that support a greater number of candidates that hold office in the same state that the firm is based. In addition, there are stronger effects for firms whose contributions are slanted toward House candidates and Democrats.

引用

页码：687 / 724

页数：38

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