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Betting on Hitler: The Value of Political Connections in Nazi Germany

Thomas Ferguson, Hans-Joachim Voth

Quarterly Journal of Economics 123(1), pp. 101-137 (2008)

Published version

Abstract

This paper examines the value of connections between German industry and the Nazi movement in early 1933. Firms supporting the Nazi movement experienced unusually high returns, outperforming unconnected ones by 5% to 8%.

Keywords
political connections, stock returns, Nazi Germany, firm value, political economy
DOI
10.1162/qjec.2008.123.1.101
Canonical
https://www.jvoth.com/papers/betting-on-hitler.html

Thomas Ferguson, Hans-Joachim Voth (2008). “Betting on Hitler: The Value of Political Connections in Nazi Germany.” Quarterly Journal of Economics.