Markku Kaustia's and Sami Torstila's paper accepted to Management Science
Article "Stock ownership and political behavior: Evidence from demutualizations" by , Samuli Knüpfer (London Business School) and has been accepted for publication in the Management Science.
Abstract
A setting in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous shock to salience of stock ownership. We use this shock to identify the effect of stock ownership on political behavior. Using IV regressions, difference-in-differences analyses, and matching methods, we find the shock changed the way people vote in the affected areas, with the demutualizations being followed by a 1.7–2.7 percentage points increase in right-of-center vote share. Analyses of demutualizations that did not involve public listing of shares suggest that explanations based on wealth, liquidity, and tax-related incentives do not drive the results.
The paper can be downloaded at SSRN: .
Read more news
1 in 4 mental health patients hurt by wording in electronic health records, finds study
Errors, disrespectful language and information perceived as unnecessary in electronic health records can feel offensive to patients
New DPSP tool for doctoral studies to be published on 18 May
A new tool for preparing and handling the doctoral personal study plan for doctoral students and supervising professors
How trust in digital public services is being built together with migrants in Espoo
Digital public services are not equally accessible to everyone. In Espoo, the Trust-M research project is working to bridge this gap by developing services together with migrants.