“…Previous event studies show that the stock returns of politically connected firms respond systematically to unexpected political events (Acemoglu et al, 2016;Bechtel & Füss, 2010;Claessens et al, 2008;Fisman, 2001;Gaikwad, 2013;Goldman et al, 2009;Herron, Lavin, Cram, & Silver, 1999;Imai & Shelton, 2011;Jayachandran, 2006;Johnson & Mitton, 2003;Knight, 2006;Roberts, 1990aRoberts, , 1990bShon, 2010). These studies only use a singular political connection to estimate monetary benefits.…”