This paper examines the value of connections between German industry and the Nazi movement in early 1933. Drawing on previously unused contemporary sources about management and supervisory board composition and stock returns, we find that one out of seven firms, and a large proportion of the...

We examine the effect of close ties with the NSDAP on the stock price of listed firms in 1932-33. We consider not only links between the National Socialists and executives, as was common in earlier work, but also with supervisory board members – whose importance is hard to overestimate in the...

We examine the effect of close links with the NSDAP on the stock price of listed firms in 1932-33. While earlier work had primarily analysed the connections between executives and the Nazi party, we also look at supervisory board membership - the importance of which is hard to overestimate in...