Court-ordered campaign finance deregulation and stock value of contributors

Yuan, Haishan (2015) Court-ordered campaign finance deregulation and stock value of contributors. American Law and Economics Review, 17 1: 1-42. doi:10.1093/aler/ahv001


Author Yuan, Haishan
Title Court-ordered campaign finance deregulation and stock value of contributors
Journal name American Law and Economics Review   Check publisher's open access policy
ISSN 1465-7260
1465-7252
Publication date 2015-02-01
Year available 2015
Sub-type Article (original research)
DOI 10.1093/aler/ahv001
Volume 17
Issue 1
Start page 1
End page 42
Total pages 42
Place of publication Oxford, United Kingdom
Publisher Oxford University Press
Collection year 2016
Language eng
Abstract The Bipartisan Campaign Reform Act of 2002 addressed two issues, soft money and independent expenditures on issue ads for electoral advocacy. The Supreme Court initially upheld most provisions in 2003 but subsequently weakened and struck down provisions on independent expenditures. I examine the stock value of firms with a long history of campaign contributions around the key developments of three Supreme Court cases. Stock prices of contributing firms react positively to Court events associated with campaign finance deregulation. It implies that the average rates of return to these rights of political spending are between 1 and 2% of stock values.
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2016 Collection
School of Economics Publications
 
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