Working Paper

Political Connections and Preferential Access to Finance: The Role of Campaign Contributions

Using novel indicators of political connections constructed from campaign contribution data, we show that Brazilian firms that provided contributions to (elected) federal deputies experienced higher stock returns around the 1998 and 2002...Read more

Stijn Claessens
Erik Feyen
Luc Laeven
01 June 2007

The Importance of Size in Private Equity: Evidence from a Survey of Limited Partners

Using a comprehensive survey, we show that investors with a larger capital allocation to private equity are more specialized − measured by the degree to which the investor focuses on private equity rather than other classes of investments − and...Read more

Marco Da Rin
Thomas Hellmann
01 May 2007


ICO Investors

Initial coin offerings (ICOs) have become the prevalent source of financing for start-up companies that use blockchain technology, raising more...Read more

Ruediger Fahlenbrach
Marc Frattaroli
03 September 2019