{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,14]],"date-time":"2026-05-14T12:10:01Z","timestamp":1778760601346,"version":"3.51.4"},"reference-count":24,"publisher":"Oxford University Press (OUP)","issue":"4","license":[{"start":{"date-parts":[[2022,6,9]],"date-time":"2022-06-09T00:00:00Z","timestamp":1654732800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/academic.oup.com\/journals\/pages\/open_access\/funder_policies\/chorus\/standard_publication_model"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2022,7,13]]},"abstract":"<jats:title>Abstract<\/jats:title>\n                  <jats:p>We show that credit rating agencies can influence political elections. We find that incumbent political parties experience an increase in their vote shares following municipal bond upgrades. The evidence is consistent with rating agencies affecting elections indirectly by expanding local governments\u2019 debt capacity and directly through an impact on voters\u2019 perceptions of the quality of incumbent politicians. To identify these effects, we examine election outcomes within neighboring counties by exploiting exogenous variation in municipal bond ratings due to Moody\u2019s recalibration of its scale in 2010.<\/jats:p>","DOI":"10.1093\/rof\/rfac039","type":"journal-article","created":{"date-parts":[[2022,6,9]],"date-time":"2022-06-09T09:09:37Z","timestamp":1654765777000},"page":"937-969","source":"Crossref","is-referenced-by-count":9,"title":["Do Credit Rating Agencies Influence Elections?"],"prefix":"10.1093","volume":"26","author":[{"given":"Igor","family":"Cunha","sequence":"first","affiliation":[{"name":"University of Kentucky ,","place":["USA"]}]},{"given":"Miguel A","family":"Ferreira","sequence":"additional","affiliation":[{"name":"Nova School of Business and Economics, ECGI, CEPR, Portugal"}]},{"given":"Rui C","family":"Silva","sequence":"additional","affiliation":[{"name":"Nova School of Business and Economics and CEPR, Portugal"}]}],"member":"286","published-online":{"date-parts":[[2022,6,9]]},"reference":[{"key":"2026051407215267400_rfac039-B1","doi-asserted-by":"crossref","first-page":"3223","DOI":"10.1093\/rfs\/hhx049","article-title":"The economic effects of public financing: evidence from municipal bond ratings recalibration","volume":"30","author":"Adelino","year":"2017","journal-title":"Review of Financial Studies"},{"key":"2026051407215267400_rfac039-B2","doi-asserted-by":"crossref","first-page":"999","DOI":"10.1111\/jofi.12495","article-title":"Firm age, investment opportunities, and job creation","volume":"72","author":"Adelino","year":"2017","journal-title":"Journal of Finance"},{"key":"2026051407215267400_rfac039-B3","doi-asserted-by":"crossref","first-page":"249","DOI":"10.1111\/jofi.12434","article-title":"The real effects of credit ratings: the sovereign ceiling channel","volume":"72","author":"Almeida","year":"2017","journal-title":"Journal of Finance"},{"key":"2026051407215267400_rfac039-B4","doi-asserted-by":"crossref","first-page":"509","DOI":"10.1093\/rfs\/hhaa028","article-title":"Heterogeneous taxes and limited risk sharing: evidence from municipal bonds","volume":"34","author":"Babina","year":"2021","journal-title":"Review of Financial Studies"},{"key":"2026051407215267400_rfac039-B5","doi-asserted-by":"crossref","first-page":"1961","DOI":"10.1111\/jofi.12153","article-title":"Have rating agencies become more Conservative? 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