Home Bias in U.S. Politics
SSRN, ISSN: 1556-5068
2018
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- 8Captures
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
Politicians preferentially treat firms in their electoral districts. We develop a model of home bias, which shows that a politician with limited political capacity grants a favor to local firms over non-local firms to satisfy voters and induce (re-)elections. We identify domestic firms that run business in politicians' constituency as local firms, while foreign firms with little economic exposure in the constituency as non-local firms. Using 1% close congressional elections from 1997 to 2014, we find that a narrow victory of connected politicians results in a 17 to 23 percent increase in value for local firms, whereas only a 4 to 12 percent increase in value for foreign firms. The results are evident when connected politicians are house representatives, who run elections in economically distressed states with high corruptions during the post-2007 financial crisis period. Our results are robust to controlling for heterogeneous U.S. economic exposures of foreign firms.
Bibliographic Details
http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=85115469837&origin=inward; http://dx.doi.org/10.2139/ssrn.3120024; https://www.ssrn.com/abstract=3120024; https://dx.doi.org/10.2139/ssrn.3120024; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3120024; https://ssrn.com/abstract=3120024
Elsevier BV
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