MARC Record from Library of Congress

LEADER: 02504cam a22003137a 4500
001 2010655631
003 DLC
005 20101217084026.0
007 cr |||||||||||
008 101216s2010 mau sb 000 0 eng
010 $a 2010655631
040 $aDLC$cDLC
050 00 $aK487.E3
100 1 $aCoates, John C.,$d1964-
245 10 $aCorporate governance and corporate political activity$h[electronic resource] :$bwhat effect will citizens united have on shareholder wealth /$cJohn C. Coates IV.
260 $aCambridge, MA :$bHarvard Law School,$c[2010]
490 1 $aDiscussion paper,$x1045-6333;$vno. 684
500 $aTitle from PDF file as viewed on 12/16/2010.
504 $aIncludes bibliographical references.
520 3 $a"Abstract: In Citizens United, the Supreme Court relaxed the ability of corporations to spend money on elections, rejecting a shareholder-protection rationale for restrictions on spending. Little research has focused on the relationship between corporate governance -- shareholder rights and power -- and corporate political activity. This paper explores that relationship in the S&P 500 to predict the effect of Citizens United on shareholder wealth. The paper finds that in the period 1998-2004 shareholder-friendly governance was consistently and strongly negatively related to observable political activity before and after controlling for established correlates of that activity, even in a firm fixed effects model. Political activity, in turn, is strongly negatively correlated with firm value. These findings -- together with the likelihood that unobservable political activity is even more harmful to shareholder interests -- imply that laws that replace the shareholder protections removed by Citizens United would be valuable to shareholders"--John M. Olin Center for Law, Economics, and Business web site.
530 $aAlso available in print.
538 $aSystem requirements: Adobe Acrobat Reader.
650 0 $aCorporations$xPolitical activity$zUnited States.
650 0 $aCorporations$xInvestor relations$zUnited States$vCase studies.
650 0 $aStockholder wealth$zUnited States$vCase studies.
650 0 $aCorporations$xPolitical activity$xLaw and legislation$zUnited States.
710 2 $aJohn M. Olin Center for Law, Economics, and Business.
830 0 $aDiscussion paper (John M. Olin Center for Law, Economics, and Business : Online) ;$vno. 684.
856 40 $uhttp://www.law.harvard.edu/programs/olin%5Fcenter/papers/684%5FCoates.php