| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10262 |
| DP10262 The Power of the Street: Evidence from Egypt's Arab Spring | |
| Daron Acemoğlu; Tarek Hassan; Ahmed Tahoun | |
| 发表日期 | 2014-11-23 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | During Egypt's Arab Spring, unprecedented popular mobilization and protests brought down Hosni Mubarak's government and ushered in an era of competition between three groups: elites associated with Mubarak's National Democratic Party (NDP), the military, and the Islamist Muslim Brotherhood. Street protests continued to play an important role during this power struggle. We show that these protests are associated with differential stock market returns for firms connected to the three groups. Using daily variation in the number of protesters, we document that more intense protests in Tahrir Square 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 other powerful groups. We further show that activity on social media may have played an important role in mobilizing protesters, but had no direct effect on relative valuations. According to our preferred interpretation, these events provide evidence that, under weak institutions, popular mobilization and protests have a role in restricting the ability of connected firms to capture excess rents. |
| 主题 | Development Economics ; Financial Economics ; International Macroeconomics |
| 关键词 | Corruption De facto political power Institutions Mobilization Protests Rents Value of connections |
| URL | https://cepr.org/publications/dp10262 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539095 |
| 推荐引用方式 GB/T 7714 | Daron Acemoğlu,Tarek Hassan,Ahmed Tahoun. DP10262 The Power of the Street: Evidence from Egypt's Arab Spring. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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