Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/169365
Authors: 
Lehmann-Hasemeyer, Sibylle
Opitz, Alexander
Year of Publication: 
2017
Series/Report no.: 
Hohenheim Discussion Papers in Business, Economics and Social Sciences 24-2017
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.
Subjects: 
Political Connections
Interwar Germany
Stock Market Performance
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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