Found 6 article(s) for author 'Lobbying'

The Charmed Life of Superstar Exporters: Survey Evidence on Firms and Trade Policy

The Charmed Life of Superstar Exporters: Survey Evidence on Firms and Trade Policy. Dustin Tingley, January 2017, Paper, “What factors determine firms’ attitudes toward trade policy? This paper considers producers’ policy preferences and political behavior in light of two key patterns in modern international trade: industries that face import competition often have many exporters, and foreign sales are concentrated in the hands of a small number of “superstar” exporters. Using a new survey of Costa Rican firms matched to systematic firm-level data on export behavior, we find that firm features are generally more important predictors of attitudes toward trade liberalization than industry-wide comparative advantage. We also show that export intensity is strongly associated with interest and lobbying activity on trade policy. The largest exporters, who are the strongest supporters of global integration, dominate trade politics.Link

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Thin Political Markets: The Soft Underbelly of Capitalism

Thin Political Markets: The Soft Underbelly of Capitalism. Karthik Ramanna, Winter 2015, Paper. “‘Thin political markets’ are the processes through which some of the most complex and critical institutions of our capitalist system are determined—e.g., our accounting-standards infrastructure. In thin political markets, corporate managers are largely unopposed—because of their own expertise and the general public’s low awareness of the issues. This enables managers to structure the ‘rules of the game’ in self-serving ways. The result is a structural flaw in the determination of critical institutions of our capitalist system, which, if ignored, can undermine the legitimacy of the system. This article provides some ideas on how to fix the problem…” Link

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SEC’s Non-Decision Decision on Corporate Political Activity a Policy and Political Mistake

SEC’s Non-Decision Decision on Corporate Political Activity a Policy and Political Mistake. John Coates, December 13, 2013, Opinion. “The SEC’s recent decision to take disclosure of political activities off the SEC’s agenda is a policy mistake, as it ignores the best research on the point, described below, and perpetuates a key loophole in the investor-relevant disclosure rules, allowing large companies to omit material information about the politically inflected risks they run with other people’s money. It is also a political mistake, as it repudiates the 600,000+ investors who have written to the SEC personally to ask it to adopt a rule requiring…Link verified March 28, 2014

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Legislating Stock Prices

Legislating Stock Prices. Lauren Cohen, Christopher Malloy, December 2013, Paper. “We demonstrate that legislation has a simple, yet previously undetected impact on stock prices. Exploiting the voting record of legislators whose constituents are the affected industries, we show that the votes of these “interested” legislators capture important information seemingly ignored by the market. A long-short portfolio based on these legislators’ views earns abnormal returns of over 90 basis points per month following the passage of legislation…”  Link

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The Auditing Oligopoly and Lobbying on Accounting Standards

The Auditing Oligopoly and Lobbying on Accounting Standards. Abigail M. Allen, Karthik Ramanna, August 19, 2013, Paper. “Since at least the 1970s, the audit market in the U.S. has functioned as an oligopoly, with a few large firms providing audit services for the vast majority of public companies. The past twenty-five years have witnessed a steady tightening of the oligopoly, with the number of big audit firms (hereafter, the Big N) declining from eight in the 1980s to four by 2002, while their combined market share has remained largely unchanged (e.g., GAO 2008). The tightening oligopoly in auditing is…” Link

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The Private Company Council

The Private Company Council. Karthik Ramanna, Luis M. Viceira, January 2013, Case. “Financial Accounting Foundation chairman Jack Brennan is under pressure from private-company interests to set up a new body—the Private Company Council—to determine separate GAAP for private companies. PCC advocates—including the US Chamber of Commerce—argue that traditional US GAAP has too many disclosure and fair-value requirements that impose very high compliance costs on private companies. But there are influential players—including the Big Four auditors—who oppose creating the PCC. They argue that the compliance costs of traditional…”  May require purchase or user account. Link verified March 28, 2014

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