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
14 December 2019


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
14 December 2019