Markku Kaustia's and Sami Torstila's paper accepted to Management Science
Article "Stock ownership and political behavior: Evidence from demutualizations" by , Samuli Knüpfer (London Business School) and has been accepted for publication in the Management Science.
Abstract
A setting in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous shock to salience of stock ownership. We use this shock to identify the effect of stock ownership on political behavior. Using IV regressions, difference-in-differences analyses, and matching methods, we find the shock changed the way people vote in the affected areas, with the demutualizations being followed by a 1.7–2.7 percentage points increase in right-of-center vote share. Analyses of demutualizations that did not involve public listing of shares suggest that explanations based on wealth, liquidity, and tax-related incentives do not drive the results.
The paper can be downloaded at SSRN: .
Read more news
Four physicists receive significant funding from the Jane and Aatos Erkko Foundation
The grants are used to study things like overheating quantum computers and early-stage water condensation on surfaces
Applications open for Innovation Postdoc in Bioeconomy
A fully funded, 12 month career track to turn your doctoral discoveries into a bioeconomy startup. Launching autumn 2026.
Finland ranks among Europe’s top investing nations, study finds
Nearly half of Finnish households now invest in stocks or mutual funds, according to a new study from Aalto University.