Markku Kaustia's and Sami Torstila's paper accepted to Management Science
Article "Stock ownership and political behavior: Evidence from demutualizations" by , Samuli Knüpfer (London Business School) and has been accepted for publication in the Management Science.
Abstract
A setting in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous shock to salience of stock ownership. We use this shock to identify the effect of stock ownership on political behavior. Using IV regressions, difference-in-differences analyses, and matching methods, we find the shock changed the way people vote in the affected areas, with the demutualizations being followed by a 1.7–2.7 percentage points increase in right-of-center vote share. Analyses of demutualizations that did not involve public listing of shares suggest that explanations based on wealth, liquidity, and tax-related incentives do not drive the results.
The paper can be downloaded at SSRN: .
Read more news
Research Council of Finland establishes a Center of Excellence in Quantum Materials
The Centre, called QMAT, creates new materials to power the quantum technology of coming decades.
Major funding powers development of next-generation machine technology aimed at productivity leap in export sectors
The BEST research project is developing new types of sealing, bearing, and damping technology.
The TAIMI project builds an equal working life – a six-year consortium project seeks solutions to recruitment and skill challenges
Artificial intelligence (AI) is changing skill requirements, the population is aging, and the labor shortage is deepening. Meanwhile, the potential of international experts often remains unused in Finland. These challenges in working life are addressed by the six-year TAIMI project funded by the Strategic Research Council, and implemented by a broad consortium.