کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5100499 1377225 2017 42 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Political uncertainty and investment: Causal evidence from U.S. gubernatorial elections
ترجمه فارسی عنوان
عدم اطمینان سیاسی و سرمایه گذاری: شواهد علمی از انتخابات ریاست جمهوری ایالات متحده
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی
I examine the link between political uncertainty and firm investment using U.S. gubernatorial elections as a source of plausibly exogenous variation in uncertainty. Investment declines 5% before all elections and up to 15% for subsamples of firms particularly susceptible to political uncertainty. I use term limits as an instrumental variable (IV) for election closeness. Because close elections are related to economic downturns, I find that the effect of close elections on investment is understated by more than half by ordinary least squares (OLS). Post-election rebounds in investment depend on whether an incumbent is re-elected. Finally, I provide evidence that firms delay equity and debt issuances tied to investments before elections.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 124, Issue 3, June 2017, Pages 563-579
نویسندگان
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