The Political Polarization of Corporate America

We have benefited from comments by Marianne Bertrand, Anil Kashyap, John Matsusaka (discussant), Elena Pikulina (discussant), Antoinette Schoar, Amir Sufi, Luigi Zingales, and participants at AFA, Boston College, Deakin University, Harvard Business School, Indiana University, the London Political Finance Workshop, NYU Law, Penn State, Stanford GSB, University of Chicago (Booth and Harris), University of Arizona, University of Nebraska, University of Oregon, University of Sussex, and UT Austin. We also thank Pietro Bini, Xinyu Cao, Yifang Hong, Daniel Huang, Qiaoqiao Xiang, and Zichen Zhao for excellent research assistance. Kempf gratefully acknowledges financial support from the Initiative on Global Markets, the Fama-Miller Center for Research in Finance, and the Becker Friedman Institute at the University of Chicago. The authors do not have any conflicts of interest to disclose. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.