TY  - UNPD
A1  - Kaustia, Markku
A1  - Knüpfer, Samuli
A1  - Torstila, Sami
T1  - Stock ownership and political behavior: evidence from demutualizations
T2  - SAFE working paper series ; No. 2
N2  - A natural experiment in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous shock to the stock market participation status of tens of thousands of people. We find the shock changed the way people vote in the affected areas, with a 10% increase in share-ownership rate being followed by a 1.3%–3.1% increase in right-of-center vote share. The institutional details and additional tests suggest that wealth, liquidity, and tax-related incentives cannot fully explain the results. A plausible explanation is that the associated increase in the salience of stock ownership causes a shift in voters’ attention.
T3  - SAFE working paper - 2 
KW  - stock market participation
KW  - political behavior
KW  - salience
KW  - attention
Y1  - 2013
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/29370
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-293706
UR  - http://ssrn.com/abstract=2209645
IS  - Version 26. Febr. 2013
PB  - Goethe-Univ., House of Finance, Sustainable Architecture for Finance in Europe, SAFE
CY  - Frankfurt am Main
ER  -