caa a22 4500 47707829X CHVBK 20180405111444.0 cr unu---uuuuu 170330e19960301xx s 000 0 eng 10.1007/BF00136521 doi (NATIONALLICENCE)springer-10.1007/BF00136521 Brown Jr. William Department of Economics, Ball State University, 47306, Muncie, IN, U.S.A. aut Friends in high places: The wealth effects of JFK's assassination on the assets of LBJ's supporters [Elektronische Daten] [William Brown Jr.] This paper uses anecdotal evidence to identify a group of firms that had significant ties to President Lyndon Johnson and determines the effect of Johnson's unexpected rise to the Presidency on the market value of these firms. The unexpected nature of President Kennedy's death eliminates the confounding event problem typically associated with election results. We are able to identify four separate portfolios of firms that had political ties to Lyndon Johnson. Our research suggests that the market expected significant benefits to accrue to these firms as a result of Johnson's becoming President. When Catholic John Kennedy and Johnson were running together in 1960 a joke hop-scotched around the parties in Texas and Washington that Kennedy had told Johnson, "Lyndon, when we get elected I'm going to dig a tunnel to the Vatican,” and Lyndon had replied, "That's OK with me as long as Brown & Root gets the contract” (Dugger, 1982: 286). Kluwer Academic Publishers, 1996 Public Choice Kluwer Academic Publishers; gopher://gopher.wkap.nl 86/3-4(1996-03-01), 247-256 0048-5829 86:3-4<247 1996 86 11127 https://doi.org/10.1007/BF00136521 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF00136521 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Brown Jr William Department of Economics, Ball State University, 47306, Muncie, IN, U.S.A aut NATIONALLICENCE 773 0- Public Choice Kluwer Academic Publishers; gopher://gopher.wkap.nl/ 86/3-4(1996-03-01), 247-256 0048-5829 86:3-4<247 1996 86 11127 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer