主题：Pushing Boundaries: Political
Redistricting and Consumer Credit（拓展边界：政区重新界定与消费信贷）
borders affect consumers’ access to credit. We identify the effect of political
boundaries by using the redistricting of Congressional districts following
decennial U.S. Censuses and legal challenges combined with a large panel data
set of consumer credit histories. We find that consumers lose access to credit
when their Congressional district becomes more irregularly shaped (i.e., potentially
more gerrymandered). The reduction in credit access is concentrated in states
that allow elected politicians to draw political boundaries, providing evidence
that the effects are the result of political processes. The effects are also
strongest when Congressional districts become less politically competitive, and
similarly, in independent tests, credit access falls in states that make it
more difficult for constituents to vote. Our findings suggest that political
redistricting can entrench politicians, thereby reducing their incentive to advocate
for goods and services for their constituents.
Pat Akey is an Assistant Professor at the University of Toronto, having completed his PhD in Finance in 2014 from the London Business School. His research focuses on empirical corporate finance, specifically the interaction of law, politics and corporate behavior. He has presented his research at numerous major academic and practitioner conferences and published in the Review of Financial Studies, for which he received the 2016 Rising Scholar Award (best paper in the journal by a young researcher). He also received the 2013 Best Paper Award at the University of Southern California Finance PhD Conference. His research has been awarded several grants including a three-year award from the AXA Research Fund, as well as grants from the Connaught Group and the British Academy. Major media outlets such as The Economist have cited his work.