This paper develops a model to investigate the interaction between collective decision-making in voting and financial speculation. Protesting voters demand policy reforms by voting against the incumbent, but too many opposing votes result in an unfavorable outcome --- political regime change....

Where does sentiment come from? We answer this question by introducing information manipulation into the financial market. In our model, an insider inflates the fundamental to boost the equilibrium market price. Because the manipulation cost is private information, the speculators treat the...

This paper develops a model to investigate the interaction between policymaking and strategic protest. Protesting citizens demand policy reforms by protesting against the status quo, but differ in their preference for the directions of the reform. The size of the protest informs policymaker...