The Power of the Street: Evidence from Egypt’s Arab Spring
Author(s)Hassan, Tarek A.; Tahoun, Ahmed; Acemoglu, K. Daron
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Unprecedented street protests brought down Mubarak’s government and ushered in an era of competition between three rival political groups in Egypt. Using daily variation in the number of protesters, we document that more intense protests are associated with lower stock market valuations for firms connected to the group currently in power relative to non-connected firms, but have no impact on the relative valuations of firms connected to rival groups. These results suggest that street protests serve as a partial check on political rent-seeking. General discontent expressed on Twitter predicts protests but has no direct effect on valuations.
DepartmentMassachusetts Institute of Technology. Department of Economics
The Review of Financial Studies
Oxford University Press (OUP)
Acemoglu, Daron et al. “The Power of the Street: Evidence from Egypt’s Arab Spring.” The Review of Financial Studies 31, 1 (August 2017): 1–42 © 2017 The Author(s)