Betting on Hitler - The value of political connections in Nazi Germany

• 成果类型: Article
• 署名作者: Ferguson, Thomas; Voth, Hans-Joachim
• 署名单位: University of Massachusetts System; University of Massachusetts Boston; ICREA; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI)
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1162/qjec.2008.123.1.101
• 发表日期: 2008
• 页码: 101-137
• 关键词: HEAVY INDUSTRY; MARKETS; GROWTH; money

摘要

This paper examines the value of connections between German industry and the Nazi movement in early 1933. Drawing on previously unused contemporary sources about management and supervisory board composition and stock returns, we find that one out of seven firms, and a large proportion of the biggest companies, had substantive links with the National Socialist German Workers' Party. Firms supporting the Nazi movement experienced unusually high returns, outperforming unconnected ones by 5% to 8% between January and March 1933. These results are not driven by sectoral composition and are robust to alternative estimators and definitions of affiliation.