全球智库信息集成服务系统(G2TT): The Power of the Street: Evidence from Egypt's Arab Spring

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w20665
来源ID	Working Paper 20665
	The Power of the Street: Evidence from Egypt's Arab Spring
	Daron Acemoglu; Tarek A. Hassan; Ahmed Tahoun
发表日期	2014-11-10
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	Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance ; Development and Growth ; Development ; Growth and Productivity ; Country Studies
URL	https://www.nber.org/papers/w20665
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/578339
推荐引用方式 GB/T 7714	Daron Acemoglu,Tarek A. Hassan,Ahmed Tahoun. The Power of the Street: Evidence from Egypt's Arab Spring. 2014.