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http://ssrn.com/abstract=940790
 
 

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Corporate Political Contributions and Stock Returns


Michael J. Cooper


University of Utah - David Eccles School of Business

Huseyin Gulen


Purdue University - Krannert School of Management

Alexei V. Ovtchinnikov


HEC Paris - Finance Department

September 26, 2008


Abstract:     
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 which 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.

Number of Pages in PDF File: 47

Keywords: political connections, stock returns

JEL Classification: G3, G28

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Date posted: October 28, 2006 ; Last revised: March 14, 2013

Suggested Citation

Cooper, Michael J. and Gulen, Huseyin and Ovtchinnikov, Alexei V., Corporate Political Contributions and Stock Returns (September 26, 2008). Available at SSRN: http://ssrn.com/abstract=940790 or http://dx.doi.org/10.2139/ssrn.940790

Contact Information

Michael J. Cooper
University of Utah - David Eccles School of Business ( email )
1645 E Campus Center Dr
Salt Lake City, UT 84112-9303
United States
Huseyin Gulen
Purdue University - Krannert School of Management ( email )
1310 Krannert Building
West Lafayette, IN 47907-1310
United States
Alexei V. Ovtchinnikov (Contact Author)
HEC Paris (Groupe HEC) - Finance Department ( email )
1 rue de la Liberation
Jouy-en-Josas Cedex, 78351
France

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