Economic Shocks and Democratic Consolidation: Historical Evidence from Party-Level Electoral Volatility in France
The emergence of a stable party system is a central aspect of democratic consolidation. Building a novel historical dataset, we analyze how economic growth affected the party-level electoral volatility during the consolidation of the French democracy over the Third Republic (1870-1940).
How to ‘Trump’ the energy market: Evidence from the WTI-Brent spread
Donald Trump’s use of Twitter was unprecedented. Many of Trump’s strong statements in reference to the U.S. oil & gas industry were intended to advertise his domestic policy agenda aimed at supporting re-industrialization and investment.
Investor heterogeneity and negative skewness in stock returns: Evidence from institutional investors?
We examine the relation between the probability of future stock price crash and investors’ investment horizons. Using negative skewness as a proxy for firm-specific crash risk, we document a positive association between institutional ownership and stock price crash risk.
Rethinking companies' culture through knowledge management lens during Industry 5.0 transition
Ideological polarization and government debt
Models of strategic debt predict that public debt increases with polarization, measured by the ideological distance between the government and its likely successor.