Political corruption imposes substantial costs on shareholders in the U.S. Yet, we understand little about the basic factors that constrain or exacerbate the negative consequences of political corruption. Using federal corruption convictions data, we find that firm-level economic rents and...

Political corruption imposes substantial costs on shareholders in the U.S. Yet, we understand little about the basic factors that exacerbate or mitigate the value consequences of political corruption. Using federal corruption convictions data, we find that firm-level economic rents and...