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

Brown, William O,

Public Choice, 1996, vol. 86, issue 3-4, 247-56

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

Date: 1996
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