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Friends in High Places: The Wealth Effects of JFK's Assassination on the Assets of LBJ's Supporters

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  • Brown, William O, Jr

Abstract

This paper uses anecdotal evidence to identify a group of firms that had significant ties to President Lyndon Johnson and determines the effect of Johnson's unexpected rise to the presidency on the market value of these firms. The unexpected nature of President Kennedy's death eliminates the confounding event problem typically associated with election results. The author is able to identify four separate portfolios of firms that had political ties to Lyndon Johnson. His research suggests that the market expected significant benefits to accrue to these firms as a result of Johnson's becoming president. Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • Brown, William O, Jr, 1996. "Friends in High Places: The Wealth Effects of JFK's Assassination on the Assets of LBJ's Supporters," Public Choice, Springer, vol. 86(3-4), pages 247-256, March.
    • Handle: RePEc:kap:pubcho:v:86:y:1996:i:3-4:p:247-56
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    Cited by:

    1. Christopher Duquette & Franklin Mixon & Richard Cebula & Kamal Upadhyaya, 2014. "Prediction Markets and Election Polling: Granger Causality Tests Using InTrade and RealClearPolitics Data," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(4), pages 357-366, December.
    2. Rajwani, Tazeeb & Liedong, Tahiru Azaaviele, 2015. "Political activity and firm performance within nonmarket research: A review and international comparative assessment," Journal of World Business, Elsevier, vol. 50(2), pages 273-283.
    3. Demissew Diro Ejara & Raja Nag & Kamal P. Upadhyaya, 2012. "Opinion polls and the stock market: evidence from the 2008 US presidential election," Applied Financial Economics, Taylor & Francis Journals, vol. 22(6), pages 437-443, March.

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