A new version of this entry is available:
Loading...
ResearchPaper
2017
The value of political connections in the first German democracy : evidence from the Berlin stock exchange
The value of political connections in the first German democracy : evidence from the Berlin stock exchange
Abstract (German)
In this paper, we provide the first overview over all political connections for all firms listed on the Berlin stock exchange in 1924 and for the same sample of firms four years later. In contrast to anecdotal evidence which suggest that these political connections had a positive effect on firms’ performance, an event study based on the election in December 1924 and May 1928 shows only little evidence that political connections had a positive impact on firm value. These results complement previous research emphasizing that political connections might have mattered less in democracies. Indeed, this seems true for Germany’s first democracy - even though it was a very unstable one.
File is subject to an embargo until
This is a new version of:
Notes
Publication license
Publication series
Hohenheim discussion papers in business, economics and social sciences; 2017,24
Published in
Faculty
Faculty of Business, Economics and Social Sciences
Institute
Institute of Economics
Examination date
Supervisor
Edition / version
Citation
Identification
DOI
ISSN
ISBN
Language
English
Publisher
Publisher place
Classification (DDC)
330 Economics