To what extent did class shape political behavior during early democratization and industrialization, and did class voting reflect economic interests or durable political identities? We use newly collected individual-level panel data from open-ballot elections in the nineteenth-century...

For years, federal politicians from all established parties have categorically ruled out any cooperation with the Alternative for Germany (AfD), erecting a so-called "firewall" ("Brandmauer") against the party. Nevertheless, reports increasingly document instances where this firewall is eroding,...

We provide a theoretical micro foundation for how much pollution (negative externalities) a firm will internalize based on the ownership distribution of its shareholders. Small shareholders, compared to large ones, want the firm to spend more on avoiding pollution since they suffer less profit...

Asset managers face increasing political risk stemming from concerns that they prioritize their own interests when voting on behalf of investors. Using survey evidence and structural estimation, we provide early evidence on how well asset managers represent their investors by studying the...

Seit Jahren wird von Bundespolitikerinnen und -politikern aller etablierten Parteien eine Kooperation mit der AfD strikt ausgeschlossen - eine sogenannte "Brandmauer" zur AfD errichtet. Zugleich wird vermehrt über Fälle berichtet, in denen diese Brandmauer bröckelt und etablierte Parteien mit...

The European Union (EU) has long been accused of suffering from a “democratic deficit.” The European Parliament (EP), the only EU institution directly elected by citizens, is seen as having limited powers. Moreover, its members (MEPs) are often portrayed as unresponsive to the interests of...

We study a model of voting with two alternatives in a symmetric environment. We characterize the interim allocation probabilities that can be implemented by a symmetric voting rule. We show that every such interim allocation probability can be implemented as a convex combination of two families...

This paper explores whether professional macroeconomic forecasters manipulate their forecasts to influence voting outcomes. We model a referendum in which a voter chooses between two policies. The voter relies on a forecaster to learn about the macroeconomic consequences of the policies. The...

Majority voting is considered an efficient information aggregation mechanism in committee decision-making. We examine if this holds in environments where voters first need to acquire information from sources of varied quality and cost. In such environments, efficiency may depend on free-riding...

We provide a general framework for analyzing shareholder rights in control transactions. When dispersed shareholders have only their statutory rights to vote on the transaction and to appraisal, their inability to make counteroffers leaves them vulnerable to low-ball offers. We show that...

We investigate whether US House representatives favour special interest groups over constituents in periods of low media attention to politics. Analysing 666 roll calls from 2005 to 2018, we show that representatives are more likely to vote against their constituency's preferred position the...