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Article: Washington Policy Analysts and the Propagation of Political Information
Title | Washington Policy Analysts and the Propagation of Political Information |
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Authors | |
Issue Date | 26-Oct-2023 |
Publisher | Institute for Operations Research and Management Sciences |
Citation | Management Science, 2023 How to Cite? |
Abstract | Washington policy research analysts (WAs) monitor political developments and produce research to interpret the impact of these events. We find institutional clients channel more commissions to brokerages providing policy research and commission-allocating institutional clients generate superior returns on their politically sensitive trades. We find that WA policy research reports are associated with significant price and volume reactions. Finally, we find sell-side analysts with access to WA issue superior stock recommendations on politically sensitive stocks. These effects are particularly acute during periods of high political uncertainty. Overall, we uncover a unique and an important conduit through which political information filters into asset prices. |
Persistent Identifier | http://hdl.handle.net/10722/338989 |
ISSN | 2023 Impact Factor: 4.6 2023 SCImago Journal Rankings: 5.438 |
DC Field | Value | Language |
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dc.contributor.author | Bradley, Daniel | - |
dc.contributor.author | Gokkaya, Sinan | - |
dc.contributor.author | Liu, Xi | - |
dc.contributor.author | Michaely, Roni | - |
dc.date.accessioned | 2024-03-11T10:33:01Z | - |
dc.date.available | 2024-03-11T10:33:01Z | - |
dc.date.issued | 2023-10-26 | - |
dc.identifier.citation | Management Science, 2023 | - |
dc.identifier.issn | 0025-1909 | - |
dc.identifier.uri | http://hdl.handle.net/10722/338989 | - |
dc.description.abstract | <p>Washington policy research analysts (WAs) monitor political developments and produce research to interpret the impact of these events. We find institutional clients channel more commissions to brokerages providing policy research and commission-allocating institutional clients generate superior returns on their politically sensitive trades. We find that WA policy research reports are associated with significant price and volume reactions. Finally, we find sell-side analysts with access to WA issue superior stock recommendations on politically sensitive stocks. These effects are particularly acute during periods of high political uncertainty. Overall, we uncover a unique and an important conduit through which political information filters into asset prices.</p> | - |
dc.language | eng | - |
dc.publisher | Institute for Operations Research and Management Sciences | - |
dc.relation.ispartof | Management Science | - |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.title | Washington Policy Analysts and the Propagation of Political Information | - |
dc.type | Article | - |
dc.identifier.doi | 10.1287/mnsc.2023.4919 | - |
dc.identifier.eissn | 1526-5501 | - |
dc.identifier.issnl | 0025-1909 | - |