Who values democracy?
· marginalrevolution.com
This paper examines the conventional view that redistribution is central to the democratization process using data from stock markets. Consistent with this view, democratizations have a large, negative impact on asset valuations driven by a rise in redistribution risk. Across 90 countries over 200 years, risk premia are substantially elevated— similar in magnitude to financial […]
This paper examines the conventional view that redistribution is central to the democratization process using data from stock markets. Consistent with this view...