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The Value of Connections in Turbulent Times: Evidence from the United States / Daron Acemoglu, Simon Johnson, Amir Kermani, James Kwak, Todd Mitton.
- Format:
- Book
- Author/Creator:
- Acemoglu, Daron.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w19701.
- NBER working paper series no. w19701
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Value of Connections in Turbulent Times
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2013.
- Summary:
- The announcement of Timothy Geithner as nominee for Treasury Secretary in November 2008 produced a cumulative abnormal return for financial firms with which he had a connection. This return was about 6% after the first full day of trading and about 12% after ten trading days. There were subsequently abnormal negative returns for connected firms when news broke that Geithner's confirmation might be derailed by tax issues. Excess returns for connected firms may reflect the perceived impact of relying on the advice of a small network of financial sector executives during a time of acute crisis and heightened policy discretion.
- Notes:
- Print version record
- December 2013.
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