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E. K. Kayo

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Open access Aug 2026

Political Connections, Subsidized Loans, and Capital Markets Development

This paper analyzes the relationship between political connections and firms' financing decisions in Brazil using large datasets on campaign contributions, loans from the Banco Nacional de Desenvolvimento Econômico e Social (BNDES), and financial variables from Capital IQ. First, the results confirm those of prev...

E. K. Kayo · 0 citations

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