TY  - UNPD
A1  - Biguri, Kizkitza
A1  - Stahl, Jörg R.
T1  - Who pays a visit to Brussels? The firm value of cross-border political
access to European Commissioners
T2  - LawFin working paper ; No. 9
N2  - We present novel evidence on the value of cross-border political access. We analyze data on meetings of US multinational enterprises (MNEs) with European Commission (EC) policymakers. Meetings with Commissioners are associated with positive abnormal equity returns. We study channels of value creation through political access in the areas of regulation and taxation. US enterprises with EC meetings are more likely to receive favorable outcomes in their European merger decisions and have lower effective tax rates on foreign income than their peers without meetings. Our results suggest that access to foreign policymakers is of substantial value for MNEs.
T3  - LawFin Working Paper - 9 
KW  - cross-border political access
KW  - European Commission
KW  - firm value
Y1  - 2020
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/61649
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-616493
EP  - 42
PB  - Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University
CY  - Frankfurt am Main
ER  -