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dc.contributor.authorLuechinger, Simonen
dc.contributor.authorMoser, Christophen
dc.date.accessioned2012-09-26-
dc.date.accessioned2012-10-11T15:56:00Z-
dc.date.available2012-10-11T15:56:00Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/64858-
dc.description.abstractWe analyze stock market reactions to announcements of political appointments from the private sector and corporate appointments of former government officials. Using unique data on corporate affiliations and announcements of all Senate-confirmed U.S. Defense Department appointees of six administrations, we find positive abnormal returns for political appointments. These estimates are not driven by important observations, volatile stocks or industry-wide developments. Placebo events yield no effects. Effects are larger for top government positions and less anticipated announcements. We also find positive abnormal returns for corporate appointments. Our results suggest that conflicts of interest matter also in a country with strong institutions.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3921en
dc.subject.jelG14en
dc.subject.jelD73en
dc.subject.jelG30en
dc.subject.jelH57en
dc.subject.ddc330en
dc.subject.keywordpolitical appointeesen
dc.subject.keywordrevolving dooren
dc.subject.keywordconflict of interesten
dc.subject.keywordevent studyen
dc.subject.keywordstock marketen
dc.subject.stwFührungswechselen
dc.subject.stwRegierungswechselen
dc.subject.stwPolitikeren
dc.subject.stwInteressenpolitiken
dc.subject.stwBörsenkursen
dc.subject.stwRüstungsindustrieen
dc.subject.stwUSAen
dc.titleThe value of the revolving door: Political appointees and the stock market-
dc.typeWorking Paperen
dc.identifier.ppn726451789en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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