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UID:a8b297beaeb053b6e32b5c86ca90d61a
DTSTAMP:20240503T091134Z
SUMMARY:Andrew Koch\, PhD\, University of Pittsburgh
DESCRIPTION: \n\nCRONY CAPITALISM AND FIRM VALUE (co-authored with Alan Cra
 ne) We\nexamine the relation between the intensity of regulatory restricti
 ons\nand the values of publicly traded firms affected by those\nrestrictio
 ns. We find that the effects of regulation on value are\nconditional on fi
 rms’ political connections. Regulation increases\nthe values of firms ex
 posed to regulating agencies with large\nfractions of ``revolving door’
 ’ employees\, and firms headquartered\nin states with Senators that sit 
 on committees associated with the\nrelevant regulatory agencies. The gains
  from regulation are at the\nexpense of small\, private\, and politically 
 unconnected firms. Our\nresults support a regulatory capture view of feder
 al regulation in the\nU.S.\n\nRead more [http://www.pitt.edu/~awkoch/] abo
 ut Koch.\n 
DTSTART:20171208T160000Z
DTEND:20171208T173000Z
LOCATION:Gerri C. LeBow Hall\, 3220 Market Street\, 108\, Philadelphia\, PA
  19104
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