Having the wrong friends at the wrong time: Effects of political turmoil on politically-connected firms
作者： Vinh Q.T. Dang , Erin P.K. So
DOI: 10.1016/J.EMEMAR.2018.03.005
关键词:
摘要: Abstract We examine effects of political turmoil on equity return, risk, and corporate governance politically-connected firms in Egypt. Political strife leads to shifts the balance power among different factions. Our analysis shows that risk connected fractions encountering intense rivalry public discontent rose, without any compensating increase return. tie is neutral regime changes exhibits lower risk. By examining agency-cost measures regimes, we find instability may exert disciplinary shareholders' behavior. In our sample, expropriation became subdued during Egypt's unrest.
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