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The Journal of Wealth Management

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Primary Article

Corporate PACs and the Stock Market

The Case of the 2004 Presidential Election

Matthew Hood and John R. Nofsinger
The Journal of Wealth Management Fall 2008, 11 (2) 93-103; DOI: https://doi.org/10.3905/jwm.11.2.93
Matthew Hood
An assistant professor of finance at College of Business, University of Southern Mississippi, Hattiesburg, MS.
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  • For correspondence: matthew.hood@usm.edu
John R. Nofsinger
An associate professor of finance at College of Business, Department of Finance, Washington State University, Pullman, WA.
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  • For correspondence: john_nofsinger@wsu.edu
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Abstract

The 2004 U.S. presidential election was very close. Rumors from exit polls on Election Day showed that John Kerry would likely win, but the actual vote counts revealed on Tuesday night and early Wednesday morning showed that George Bush had been re-elected. This sets up a natural experiment for studying the shareholder-wealth impact of rumor and eventual outcome of election on firms which made an investment in public policy through PAC donations. The authors find that the stock of companies whose PAC contributions favored Democrats performed better on Tuesday and those that favored Republicans performed better on Wednesday. In general, most S&P 500 companies appear to have favored the Republican victory with both their PAC donations and by the reaction of their stock price to election results.

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The Journal of Wealth Management
Vol. 11, Issue 2
Fall 2008
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Corporate PACs and the Stock Market
Matthew Hood, John R. Nofsinger
The Journal of Wealth Management Jul 2008, 11 (2) 93-103; DOI: 10.3905/jwm.11.2.93

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Corporate PACs and the Stock Market
Matthew Hood, John R. Nofsinger
The Journal of Wealth Management Jul 2008, 11 (2) 93-103; DOI: 10.3905/jwm.11.2.93
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