The Power of the Street: Evidence from Egypt’s Arab Spring

Acemoglu, D, Hassan, T A and Tahoun, A (2018) The Power of the Street: Evidence from Egypt’s Arab Spring. Review of Financial Studies, 31 (1). pp. 1-42. ISSN 0893-9454 OPEN ACCESS


Unprecedented street protests brought down Mubarak’s government and ushered in an era of competition between three rival political groups in Egypt. Using daily variation in the number of protesters, we document that more intense protests are associated with lower stock market valuations for firms connected to the group currently in power relative to non-connected firms, but have no impact on the relative valuations of firms connected to rival groups. These results suggest that street protests serve as a partial check on political rent-seeking. General discontent expressed on Twitter predicts protests but has no direct effect on valuations.

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Item Type: Article
Subject Areas: Accounting
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This is a pre-copyedited, author-produced version of an article accepted for publication in The Review of Financial Studies following peer review. The version of record Daron Acemoglu, Tarek A. Hassan, Ahmed Tahoun (2018) 'The Power of the Street: Evidence from Egypt’s Arab Spring', The Review of Financial Studies, 31(1), pp. 1-42 is available online at: and:

Date Deposited: 06 Jun 2017 17:28
Date of first compliant deposit: 10 Jul 2017
Subjects: Protests
Political parties
Last Modified: 20 Jun 2024 01:52

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