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for helpful comments. We also thank participants the 2008 PIER Political Economy Conference and participants at numerous university seminars. We also thank Chisoo Kim for providing data on newspaper ownership and historical endorsements. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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