Abstrakti
Asetting in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous increase in stock ownership. We use this shock to identify the effect of ownership of publicly listed shares on political behavior. Using instrumental variable regressions, difference-in-differences analyses, and matching methods, we find the shock changed the way people vote in the affected areas, with the demutualizations being followed by a 1.7-2.7-percentage-point increase in right-of-center vote share. Analyses of demutualizations that did not involve public listing of shares suggest that explanations based on wealth, liquidity, and tax-related incentives do not drive the results, and that the ownership of publicly listed shares was instrumental in generating the increase in conservative voting.
Alkuperäiskieli | Englanti |
---|---|
Sivut | 945-963 |
Sivumäärä | 19 |
Julkaisu | Management Science |
Vuosikerta | 62 |
Numero | 4 |
DOI - pysyväislinkit | |
Tila | Julkaistu - 1 huhtik. 2016 |
OKM-julkaisutyyppi | A1 Julkaistu artikkeli, soviteltu |