Equity as Tribute: The Market for Passive State Equity
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Firms have begun granting passive equity stakes to the government that regulates them. The received reading is skin in the game: ownership moves profits onto the treasury's balance sheet, so policy softens. We show that once the price of the stake and the firm's policy exposure are determined in
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美国国家经济研究局创建时间：
2026-07-01
