Document Type

Article

Journal/Book Title/Conference

Journal of Banking and Finance

Volume

37

Issue

8

Publisher

Elsevier

Publication Date

8-2013

First Page

3007

Last Page

3017

DOI

10.1016/j.jbankfin.2013.04.005

Abstract

Political involvement has long been shown to be a profitable investment for firms that seek favorable regulatory conditions or support in times of economic distress. But how important are different types of political involvement for the timing and magnitude of political support? To answer this question, we take a comprehensive look at the lobbying expenditures and political connections of banks that were recipients of government support under the 2008 Troubled Asset Relief Program (TARP). We find that politically engaged firms were not only more likely to receive TARP support, but they also received a greater amount of TARP support and received the support earlier than firms that were not politically involved.

Included in

Economics Commons

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