Most prior research on political patronage investigates its direct effect on power distribution and aggregate economic outputs, but less is known about the outcome of politicians’ patron-client networks at corporate level. This study investigates the causal impact of politicians’...

This paper examines the impact of conditional order usage on the disposition effect. Taking advantage of proprietary Australian stock brokerage data, we employ the propensity score method to create a control group. This methodology enables us to isolate the impact of conditional orders from...

Using the turnover of politicians in charge of nationwide IPO approval and the resulting “birthplace shock” during the approval process for IPO applicant firms in China, we identify the causal effect of politicians’ hometown favoritism on capital resource allocation. Hometown firms are on...

This study reports the results of a survey among 80 CFOs in Kuwaiti listed firms on current corporate finance practices namely, capital budgeting, costs of capital, capital structure, and dividend policy. This paper analyses specifically the survey responses according to the firm's attributes...

Both theory and empirical evidence suggest that managers' career concerns can serve as an important source of implicit economic incentives. We examine how incentives for political promotion are related to compensation policy and firm performance in Chinese state-owned enterprises (SOEs). We find...