The Power of the Street: Evidence from Egypt's Arab Spring

• 成果类型: Article
• 署名作者: Acemoglu, Daron; Hassan, Tarek A.; Tahoun, Ahmed
• 署名单位: Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Canadian Institute for Advanced Research (CIFAR); Boston University; University of London; London Business School
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhx086
• 发表日期: 2018
• 页码: 1
• 关键词: politically connected firms; GREAT REFORM ACT; NETWORKS EVIDENCE; revolution; INFORMATION; instability; INVESTMENT; ELECTIONS; franchise; DEMOCRACY

摘要

Unprecedented street protests brought down Mubarak's government and ushered in an era of competition between three rival political groups in Egypt. Using daily variation in the number of protesters, we document that more intense protests are associated with lower stock market valuations for firms connected to the group currently in power relative to non-connected firms, but have no impact on the relative valuations of firms connected to rival groups. These results suggest that street protests serve as a partial check on political rent-seeking. General discontent expressed on Twitter predicts protests but has no direct effect on valuations.