How PAC Contributions Lost Their Punch in Big Business
This paper examines the evolution of the return premium associated with corporate PAC contributions among S&P 500 firms between 1993 and 2024, and assesses whether political giving continues to yield financially meaningful payoffs. A panel of 500 large-cap firms (per year) is analyzed using OLS firm and year fixed-effects regressions. Key regressors include continuous PAC-donation amounts, int