The value of political connections in the first German democracy : evidence from the Berlin stock exchange

Lehmann-Hasemeyer, Sibylle; Opitz, Alexander

The value of political connections in the first German democracy : evidence from the Berlin stock exchange

dc.contributor.author	Lehmann-Hasemeyer, Sibylle	de
dc.contributor.author	Opitz, Alexander	de
dc.date.accessioned	2024-04-08T08:54:52Z
dc.date.available	2024-04-08T08:54:52Z
dc.date.created	2017-09-28
dc.date.issued	2017
dc.description.abstract	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.	de
dc.identifier.swb	493886664
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/6193
dc.identifier.urn	urn:nbn:de:bsz:100-opus-14088
dc.language.iso	eng
dc.relation.ispartofseries	Hohenheim discussion papers in business, economics and social sciences; 2017,24
dc.rights.license	publ-mit-pod	en
dc.rights.license	publ-mit-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_mit_pod.php
dc.subject	Political connections	en
dc.subject	Interwar Germany	en
dc.subject	Stock market performance	en
dc.subject.ddc	330
dc.subject.gnd	Weimarer Republik	de
dc.subject.gnd	Unternehmenskooperation	de
dc.subject.gnd	Politische Organisation	de
dc.subject.gnd	Gewinn	de
dc.title	The value of political connections in the first German democracy : evidence from the Berlin stock exchange	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.faculty.number	3	de
local.institute.number	520	de
local.opus.number	1408
local.series.issueNumber	2017,24
local.series.title	Hohenheim discussion papers in business, economics and social sciences
local.university	Universität Hohenheim	de
local.university.faculty	Faculty of Business, Economics and Social Sciences	en
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institute for Economics	en
local.university.institute	Institut für Volkswirtschaftslehre	de

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