In addition to the fine, Finra said in its February disciplinary report that the firm would give up $170,000 in fees and interest.

A study released in August by Todd Ely of the University of Colorado in Denver and Thad Calabrese of New York University reported that underwriters that contributed earned fees 12.75 percent higher, on average, than those that didn’t, based on 118 contributions and 192 issues between 2007 and 2012. The report also found potentially more expensive debt structures for bonds underwritten by the firms that made contributions.

“It’s one thing to worry about the appearance of impropriety,” said Ely. “It’s another thing when when you have to pay more because there is a higher cost to pay the firm that helped with the election.”

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