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Essays on Political Economy of Finance.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Essays on Political Economy of Finance./
作者:	Zhao, Weijia.
面頁冊數:	1 online resource (176 pages)
附註:	Source: Dissertations Abstracts International, Volume: 85-11, Section: A.
Contained By:	Dissertations Abstracts International85-11A.
標題:	Political science. -
電子資源:	click for full text (PQDT)
ISBN:	9798382757711

Essays on Political Economy of Finance.
Zhao, Weijia.

Essays on Political Economy of Finance. - 1 online resource (176 pages)

Source: Dissertations Abstracts International, Volume: 85-11, Section: A.

Thesis (Ph.D.)--Northwestern University, 2024.

Includes bibliographical references

This thesis has two essays which are empirical studies at the intersection of political economy and finance. The topics include political alignment and municipal bond yield, and political turnover and government procurement. The essays hope to provide empirical evidence, using diverse approaches, to better understand the impact of politics (political favoritism) on various aspects of economic outcomes.The first essay is "Taking Sides: Political Alignment and Municipal Bond Yield", joint with Pengyu Ren. In this research, we show that politically misaligned counties face higher yield spreads while aligned ones benefit from lower spreads. The magnitude of the effect varies on bond characteristics: bonds with long maturity, backed by utility revenue, and issued by counties less reliant on state transfers are less sensitive to political alignment shock. In addition, yield spread variations correlate with changes in credit risk and inter-governmental transfers. Politically misaligned counties elevate bond issuance despite augmented costs, offsetting reductions in intergovernmental transfers.The second essay is "Riding on bureaucracy's coattails: leadership rotation and inter-municipality procurement". In this research, I show that when a municipal leader is appointed as the leader of a different city, the amount of government procurement contract allocated to suppliers located in the city where the leader previously worked increases, but not vice versa. This effect is more pronounced for when the new municipal leaders have closer ties to the cities they previously worked in, is net of changes in inter-regional trade volumes and investments, and reverses when the municipal leader steps down or is removed due to the anti-corruption campaign. Additionally, a close look at the standardized office equipment procurement demonstrates that governments pay, on average, a 14% higher premium for contractors from the leader's former area, challenging the cost-efficiency hypothesis.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798382757711Subjects--Topical Terms:

558774
Political science.
Subjects--Index Terms:

Municipal bondIndex Terms--Genre/Form:

554714
Electronic books.

Essays on Political Economy of Finance.
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500 $a Advisor: Sapienza, Paola.
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504 $a Includes bibliographical references
520 $a This thesis has two essays which are empirical studies at the intersection of political economy and finance. The topics include political alignment and municipal bond yield, and political turnover and government procurement. The essays hope to provide empirical evidence, using diverse approaches, to better understand the impact of politics (political favoritism) on various aspects of economic outcomes.The first essay is "Taking Sides: Political Alignment and Municipal Bond Yield", joint with Pengyu Ren. In this research, we show that politically misaligned counties face higher yield spreads while aligned ones benefit from lower spreads. The magnitude of the effect varies on bond characteristics: bonds with long maturity, backed by utility revenue, and issued by counties less reliant on state transfers are less sensitive to political alignment shock. In addition, yield spread variations correlate with changes in credit risk and inter-governmental transfers. Politically misaligned counties elevate bond issuance despite augmented costs, offsetting reductions in intergovernmental transfers.The second essay is "Riding on bureaucracy's coattails: leadership rotation and inter-municipality procurement". In this research, I show that when a municipal leader is appointed as the leader of a different city, the amount of government procurement contract allocated to suppliers located in the city where the leader previously worked increases, but not vice versa. This effect is more pronounced for when the new municipal leaders have closer ties to the cities they previously worked in, is net of changes in inter-regional trade volumes and investments, and reverses when the municipal leader steps down or is removed due to the anti-corruption campaign. Additionally, a close look at the standardized office equipment procurement demonstrates that governments pay, on average, a 14% higher premium for contractors from the leader's former area, challenging the cost-efficiency hypothesis.
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653 $a Intergovernmental transfers
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